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.
Ontario tops fed market
Western and eastern Canadian fed prices moved in opposite directions last week. Following nine consecutive weeks of steady to higher prices, weighted steer values in Alberta declined by 83 cents per hundredweight. Ontario steer prices advanced $3 per cwt., establishing new annual highs. Ontario fed prices are the highest in North America. On a cash-to-cash basis, Ontario fed prices traded at an estimated $5 per cwt. premium against the Nebraska market, the strongest basis seen this year.
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In Alberta, dressed sales were reported from $288-$290 per cwt. delivered. Cattle that traded last week were being scheduled for delivery the weeks of June 27 and July 4. Based on the latest Canfax trends data, yearling steers and heifers that were placed in October and November 2021 and sold in May lost on average $304 per head. For the month of May, this stands as the second largest feedlot loss over the past 31 years.
When facing negative feedlot margins, there is a tendency to fight the market and add additional weight to cattle. As a result, carcass weights have been slow to seasonally decline and have been record large for the month of May. Another factor influencing carcass weights is feedlot conditions, which have been ideal this spring with minimal mud.
In Ontario, dressed sales were reported from $310-$311 per cwt. delivered, $5 per cwt. higher than the previous week.
In the United States, dressed sales in Iowa and Nebraska ranged from US$222-$227 per cwt., $1 per cwt. lower than the previous week. Live sales in Nebraska were mostly $140 per cwt., $2 per cwt. lower than the previous week’s weighted average price. Live sales in Texas and Kansas ranged from $136-$138 per cwt., steady to $1 lower.
Cow prices steady
Strong prices continue to flush ample non-fed offerings to auction, and last week’s market tone was steady to softer. D2 and D3 slaughter cows averaged $101.70 and $90.21 per cwt., respectively, and prices were fully steady with a year ago.
Dressed cow bids were steady with the previous week at $200-$205 per cwt. delivered. Butcher bull prices trended fully steady, averaging $124.80 per cwt. For the week ending May 14, fed cattle/cow exports to the U.S. surged 31 percent larger than the previous week to 11,888 head, and slaughter bull exports rallied 25 percent larger to 1,131 head.
Ontario D2 cows traded at a $7 per cwt. premium to Alberta last week, averaging $108.67 per cwt. For the week ending May 20, Alberta D2 cows were trading at $1 per cwt. premium to the U.S.
Manitoba tops feeder market
Alberta feeders traded mixed last week. Calf prices strengthened while larger feeder prices eased lower. The strongest 500-pound steer calf average in Western Canada was Manitoba last week with prices almost $18 per cwt. higher than Ontario. From Manitoba west, prices trended lower, but Alberta was still at a $10 per cwt. premium to Ontario.
From the annual high two weeks ago, 500 lb. Alberta steers trended mostly steady and prices were three percent stronger than the five-year average. Larger 600-700 lb. calves firmed $2-$3 per cwt. higher than the previous week on good late season grass interest.
The 600-700 lb. steer prices last week were the strongest seen since the end of June 2017. Large feeders aligned lower on reduced quality and offerings and strengthening feedgrain prices. Alberta auction volumes eased 15 percent lower than the previous week to 19,316 head but were 61 percent larger than the same week last year. Year to date, auction volumes are four percent larger than a year ago at 534,625 head.
Feeder exports to the U.S. for the week ending May 14 eased 29 percent lower than the previous week to 3,571 head, and year-to-date volumes continue 232 percent larger than a year ago at 108,595 head.
U.S. cutouts steady
In U.S. beef trade, Choice cut-out values were US$263.97 per cwt. for the week ending May 26, $20.93 per cwt. lower than the five-year average. Choice cutouts have been trading between $252 and $293 per cwt. since January 2022 and show more stability than in 2020 or 2021. Select cutouts have shown the same stability, trading in the range of $242-$284 per cwt. since January 2022.
