Fed market weak
The fed steer weighted average was $168.54 per hundredweight, and heifers were $167.69.
Most sales were dressed at prices from $280-$283 delivered.
U.S. packer bids were similar to local trade, but there was no incentive to move cattle south.
Cattle futures stabilized, but the support on the Canadian market was more than offset by the stronger Canadian dollar.
The cash-to-futures basis strengthened to -$13.69 but was still a little weaker than the five year average.
Weekly western Canadian fed slaughter to Feb. 27 rose five percent to 25,200 head.
Weekly fed exports to Feb. 20 were down six percent at 6,519 head. They are up 50 percent for the year.
Feedlot market-ready supply is generally current, and feedlots seem resolved not to accept lower prices.However, packers own comfortable supplies.
The stronger Canadian dollar is discouraging American buying.
In light U.S. domestic trade cattle sold at US$212-$214 dressed.
D1, D2 cows ranged $102-$115 to average $108.29, up $1.54. D3 cows ranged $90-$103 to average $96.70.
Rail grade cows ranged $209-$214.
Butcher bulls were up 86 cents at $135, the strongest this year.
Non-fed exports are down 17 percent this year, causing more cows to be slaughtered at home.
Western Canadian cows were 23-27 percent of total slaughter in February, up from 19-22 percent last year.
Saskatchewan and Manitoba 850 and 950 pound steers and heifers are trading steady to a slight discount compared to Alberta prices.
Yearling flow from eastern provinces into Alberta has slowed because U.S. orders are more competitive.
Prices of about $198 for 850 lb. feeders are the lowest since the end of December.
Feeding margins on heavier feeders hitting the summer market are limited.
Canadian feeder exports this year are 10,000 head, the fewest in nine years.
The U.S. Choice cutout rose 99 cents to US$219.75 per cwt., and Select fell $2.34 to $211.75.
Weekly Canadian cutouts to Feb. 27 were mixed with AAA up $1.65 at C$290.37 and AA down $5.31 at $276.41.
The cutout is now running below year-ago levels with AAA down four percent and AA down eight percent.
This cattle market information is selected from the weekly report from Canfax, a division of the Canadian Cattlemen’s Association. More market information, analysis and statistics are available by becoming a Canfax subscriber by calling 403-275-5110 or at www.canfax.ca.