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 prices steady
September fed prices trended mostly sideways, averaging from $156-$158 per hundredweight. On a cash-to-cash basis, Alberta fed prices have moved back to a premium against the U.S. market. Active trade was reported with all three western Canadian packers buying cattle last week. Dressed sales were reported from $264-$266 per cwt. delivered, and cattle that traded were being scheduled for the weeks of Oct. 11 to Oct. 25 delivery.
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Over the past two weeks, premiums have been paid for export eligible cattle that have not been fed ractopamine and for high grading cattle if they average more than 70 percent AAA.
Despite high feed grain prices, western Canadian steer carcass weights set a record for September and are within three pounds of their annual highs set in late March. Despite historically large weights, yield grade 4 and 5 percentage are below last year. Usually as cattle are fed bigger, more fat is produced, resulting in more yield grade 4 and 5 cattle.
Fed cattle carcass weights in Eastern and Western Canada are close to one another but a lot more yield grade 4 and 5 cattle are being reported in Eastern Canada compared to the west, at 21.7 percent in the east and 10 percent in the west.
In Ontario, dressed sales were reported from $270-$273 per cwt. delivered, steady with the previous week. Eastern Canada fed slaughter for the week ending Sept 18 totalled just over 12,000 head, the second largest slaughter seen this year.
In the U.S., dressed sales in Iowa and Nebraska ranged from US$193-$198 per cwt., $2 per cwt. lower than the previous week. Live sales in all four major feeding states were reported from $123-$124 per cwt.
For the week ending Sept. 18, U.S. imports of Mexican feeder cattle totalled 12,218 head, steady with the previous week. Year to date Mexican feeder imports are down 23 percent compared to last year.
Cow prices hold
A light non-fed offering was reported at auctions last week and slaughter cow prices traded generally steady with the previous week. D2 and D3 cows averaged $80.17 and $70.79 per cwt. respectively. Dressed cow bids were mostly steady at around $155-$160 per cwt. delivered.
Butcher bull prices realigned $2.32 per cwt. lower following the previous week’s price pop to average $105.30 per cwt.
Good export demand and manageable supplies will continue to support prices but volumes are expected to build in October.
Limited auction action
Feeder prices were generally steady last week but the market tone appeared sluggish. With the ongoing harvest and pasture regrowth from recent rain, producers had a little more breathing room to make marketing decisions and auction offerings last week were limited.
Light calves less than 400 pounds saw prices soften on a spotty offering of varied quality. All feeder steers over 500 lb. traded steady to stronger last week while similar weight heifers saw prices steady to modestly lower. Large feeders over 700 lb. traded fully steady with good demand to place against the first and second quarter fed market.
East and west feeder prices converged last week with heifers generally trading at parity but 800-900 lb. Ontario steers did maintain a moderate premium to Alberta.
Two large forward delivery feeder sales were featured two weeks ago and auction volumes last week were smaller as a result, at 42,180 head. Year to date auction volumes are tracking 32 percent larger than year ago at 985,133 head. Feeder exports to the U.S. for the week ending Sept. 11 continued significantly larger than last year and have been reported larger for the past 17 weeks.
A moderate auction offering was anticipated this week, as was good eastern buying interest. Large feeders should continue to see good local demand. Seasonally larger offerings are anticipated in October. Feedlot demand may be limited until a few more pens are freed up in October for calf placements.
Cutout trends lower
In U.S. beef trade, cutout values trended lower on lacklustre beef and trim demand. Choice was significantly US$12.40 per cwt. lower than the previous week, at $305.60, and Select saw a more modest decline of $5.28 per cwt., to average $274.99.
