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.
Fed market standoff
Packers and feedlots in the Canadian market could not agree on a price last week, resulting in weaker bids despite strong U.S. fed cattle prices, rising cattle futures and a lower loonie. Price trends could not be established.
Western Canadian packers fell back on captive inventories, and interest in the cash market was tepid.
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Feedlots, which have been marketing cattle early, had the capacity to wait things out.
Rail bids started last week steady at $230 per hundredweight delivered but fell $3-$4 Feb. 20.
Producers were not willing to trade cattle at a cash to futures basis of -$23. Most of the cash offering was expected to be carried for a week, while some were reallocated to fill contracts.
The previous week’s Alberta-Nebraska cash-to-cash basis was -$21.30. American inquiries were reported, but no sales on a negotiated cash basis were reported.
Weekly fed exports to Feb. 8 were steady at 7,827.
Weekly western Canadian slaughter was 32,042 head, up seven percent from the same week last year and the sixth consecutive week of higher slaughter.
Packers still have a comfortable supply, which means cash trade will be light again this week.
Cow prices rise
The butcher cow market continued to set records, a rare situation for this time of year.
D1, D2 cows ranged $82-$96 to average $90.20, and D3s ranged $72-$86 to average $80.13. Rail grade cows were $176-$181 per cwt.
Butcher bulls rose for the sixth consecutive week and are at the highest levels since August 2012. Bulls were 92.13, up 73 cents.
Non-fed exports are running faster than at this point last year.
Feeder prices up
Feedlot profitability is supporting demand, but lack of pen space at some feedlots has tempered the market. Interest from American and eastern Canadian buyers has been positive.
Steers were up $1.70 per cwt. on average, and heifers were up $1.46.
Lighter calves showed the most strength.
Heavier feeders were mostly flat or in some cases under pressure, likely as a result of limited bunk space.
Auction volumes were higher than the previous week and up 40 percent over the same week last year.
The auction volume is up 40 percent his year thanks to the strong prices but should start to slow.
Last fall’s early marketings and strong exports will keep feeder replacement numbers tight heading into spring.
Barley prices have risen in some areas. Bred cows and bred heifers traded at $1,100-$1,700.
U.S. beef rises
U.S. boxed beef prices rose as reduced slaughter tightened beef supply. Choice was up $6.22 at $214.32 US per cwt., and Select climbed $3.60 to $211.36.
Strong cow prices and limited supplies pushed 90 percent fresh lean beef to a record high of $247.28, up $14.17 from the previous week and $32.35 from a year ago.
Canadian cut-out values for the week ending Feb. 15 were unavailable.
Cattle on feed
U.S. feedlot placements in January rose nine percent to 2.03 million, much more than the expected 2.5 percent increase. The numbers were expected to weigh on deferred live cattle futures contracts
The total on-feed supply as of Feb. 1 fell three percent to 10.76 million; Analysts had expected a 4.1 percent decline.
Marketings in January were 1.788 million, down five percent, in line with analysts’ expectations.
