Fed cattle firm
The Canfax weekly fed steer weighted average price was $172.49 per hundredweight, and heifers were $170.47.
The World Health Organization’s warning about a link between meat consumption and cancer did not affect prices.
Fed prices have rallied $12 from the lows a few weeks ago, thanks to a rebound in Chicago cattle futures, which were driven higher by the recovering U.S. cash market.
Prices today in Canada are similar to the level of last year at this time.
Both of Alberta’s federally inspected plants were scheduling delivery for the second half of November last week.
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U.S. bids worked out to about the mid $160s live, depending on freight and dressing percent.
The Alberta cash to Chicago futures basis of -$11.98 was the weakest this year, but that is not unusual for this time of year.
Basis usually improves into November and December, as do steer prices.
Steer carcass weights in Canada and the United States are still record heavy, implying that feedlots are not current in their marketing.
Slaughter rates in Canada are picking up, which should help clear out the heavies.
Reuters reported that feedlots were holding out for US$140 per cwt. in the U.S. cash market late last week after some sales early in the week at $138, which was at the top end of the previous week’s range.
Cows steady
D1, D2 cows stabilized at C$105 to $125 per cwt. to average $112.58.
D3 cows ranged $90 to $107 to average $97.67.
Rail grade cows ranged $213 to $218. Slaughter bulls fell $1.84 to average $134.45.
Weekly western Canadian slaughter to Oct. 24 rebounded to 5,903 head. Slaughter is down 10 percent so far this year.
Feeders stronger
The feeder steer average rallied $4.38, and heifers were up $4.04.
Prices for 300-400 pound stockers rebounded to levels seen in early October.
Steers 400-700 lb. saw keen buyer interest with prices $3-$4.50 higher, whiles heifers rose $1-$2.75.
Strong demand drove 700-900 lb. feeders higher, while yearlings heavier than 900 lb. were steady to $2.70 higher.
Weekly Alberta sale volumes rose four percent. This year’s volume is 1.13 million, which is down two percent from the previous year.
Calf prices tend to rise into the fourth quarter, but this year the rally is expected to be modest, based on reduced feeding margins and generally adequate supplies.
Bred cows ranged $1,500 to $2,800 per head.
Beef rises
U.S boxed beef prices saw Choice rise US$3.46 to $220.93 per cwt. last week, and Select rose $1.68 to $211.55.
Cut-out values moving into November will depend on demand for middle cuts for the coming holidays, while seasonally smaller fed cattle supply are expected to underpin beef prices.
Canadian beef prices were unavailable.
