For the week ending Sept. 27, western Canadian feeder cattle markets traded $10 per hundredweight higher to $10 per cwt. lower compared to seven days earlier.
There were two main factors that contributed to the volatility.
The deferred live cattle futures rallied on Monday but then gave back all the gains by the end of the week.
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As well, Ontario buying interest resurfaced in certain locations across the Prairies, which resulted in stronger prices. However, Alberta feedlot demand was somewhat subdued compared to a week earlier.
The Ponoka Auction Market report had a larger group of tan heifers off grass with full processing records averaging 1020 pounds trading for $451 per cwt.
The TEAM video sale had black and red steers off grass with a mean weight of 1,020 lb. with full processing data and implants priced at $467$10 per cwt. f.o.b. ranch near Veteran, Alta.
A rancher reported a package of Charolais-based steers weighing 940 lb. coming straight off grass traded for $498$10 per cwt. northwest of Calgary.
The Gladstone Auction market report had a smaller package of black yearling steers off grass weighing 843 lb. valued at $542 per cwt. A nine-pack of similar quality heifers evaluated at 777 lb. were last bid at $516$10 per cwt. at the same sale.
The TEAM Video Auction had a group of larger frame black and red steers averaging 825 lb. off grass on the full herd health program priced at $538$10 per cwt. f.o.b. ranch near Hanley, Sask.
The VJV Rimbey Auction reported a small group of Simmental cross Gelbvieh steer calves averaging 743 lb. off cows and grass with full processing data moved through the ring at $585 per cwt.
At the Ponoka sale, a small group of mixed yearling heifers off grass with full health records and no implants scaled at 732 lb. notched the board at $519 per cwt.
The Vermillion Livestock Exchange market report had a group of tan steers averaging 658 lb. selling for $618 per cwt. More importantly, a group of black replacement heifers averaging 638 lb. were valued at $614 per cwt.
At the St Rose Du Lac Auction Market, a smaller package of Simmental cross steers weighing a shade more than 600 lb. traded for $640 per cwt. at the ring.
The Prince Albert Auction market report had black bawling steers weighing 504 lb. marked at $741 per cwt. and similar quality heifers averaging 495 lb. priced at $655 per cwt.
Alberta packers were buying fed cattle on a dressed basis in the range of $520-$525 per cwt. delivered, unchanged from a week earlier. Using a 60 per cent grading, this equates to a live price of $312-$315 per cwt.
Cattle bought this week were scheduled for November delivery.
U.S. and Canadian packers appear to be well covered for their nearby slaughter requirements.
The lack of buying interest for fed cattle contributed to the softer tone from Alberta feedlot operators.
Secondly, feedlot operators have bid up the price of feeder cattle so that there is no margin for the March through May timeframe.
The break-even pen closeout fed cattle price for March is around $368 per cwt. on a live basis. Subtracting a traditional basis from the April live cattle futures results in a southern Alberta live price of only $330 per cwt.
It’s hard to justify further upside in the feeder cattle market unless the live cattle futures rally an additional US$22 per cwt. from current levels.
The outlook for the economy calls for rising unemployment levels and softer consumer spending, which will result in weaker beef demand. Wholesale choice beef prices have been trending lower since making historical highs in early August.
