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 continues to soften
The western Canadian fed market softened for the fifth consecutive week during the week ending Oct. 24, with prices falling back to the highs set in summer.
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Alberta fed steer prices were down $2.11 per hundredweight to close the week at $299.98 per cwt. Similarly, fed heifers finished the week at $297.27 per cwt., down $2.67 per cwt. from the previous week.
Dressed sales were reported in the range of $500-$505 per cwt. delivered, down $3-$5 per cwt. from the previous week . Live sales were reported at $295.50 per cwt. f.o.b. the feedlot.
Cattle were scheduled for delivery anywhere from the second half of November to mid-December.
All western Canadian packers showed buying interest, but there was mixed competition on the cash market. There was also interest from U.S. packers, with small volumes of fed cattle being sold across the line.
The Alberta cash-to-futures basis was -34.15, which was 21.71 weaker than the five-year average.
Active trade was reported in Ontario, with dressed sales reported at $530 per cwt. delivered, up $10 per cwt. from the previous week. Cattle were scheduled for delivery within one to two weeks.
The Ontario cash-to-futures basis was -16.40, remaining steady with 2024 but 7.08 weaker than the five-year average.
Non-fed prices decline
The week ending Oct. 24 saw non-fed prices continue to weaken across Canada.
Cow prices have dropped by $15-22 per cwt. over the last four to six weeks, and the largest declines have been reported in Eastern Canada.
Butcher cows sold through commercial auction facilities were $6-8 per cwt. lower than the previous week.
One major western Canadian packer continued to be off the cow market, and it is anticipated to be off the market for a couple more weeks. This has led to feeder cows and speculative buyers becoming more active.
Western Canadian non-fed volumes are significantly lighter than normal. Weekly cow slaughter volumes have been the lightest they’ve been in a decade.
On the other hand, cow slaughter volume in Eastern Canada in above year-ago levels.
Analysts anticipate U.S. packers will become more active on the Canadian market as prices continue to weaken.
Fall run continues
Calf prices continued to hold near record highs during the week ending Oct. 24 as the fall calf run was in full swing.
This is normally when the calf market sees fall price lows.
Live cattle and feeder futures saw pressure near the end of the week and traded lower.
This steer-to-heifer calf price spread was about $75 per cwt. October is usually when the widest steer-to-heifer spread occurs, based on the five-year average.
Despite the impressive prices, feeders weighing more than 900 pounds saw some weakness. Prices for heavier-weight calves have weakened by $15 per cwt. over the past month, making these the lowest prices seen since early September.
Some of this weakness is due to lighter volumes of yearlings on offer, which makes it harder to put together load lots.
Feeder cattle exports to the United States for the week ending Oct. 11 were 3,014 head, which was the largest weekly volume seen since July.
Bred heifers from Western Canada selling electronically have brought $5,200-$6,050 per head over the last few weeks. Delivery was scheduled anywhere from immediately to into November.
Bred heifer prices are about $1,000 per head stronger on average than this time last year. Bred heifer and cow prices tend to strengthen seasonally from now until the end of December.
Cutouts increase seasonally
U.S. cut-out prices climbed during the week ending Oct. 24, partially due to early buying in preparation for American Thanksgiving, supporting seasonal trends.
Choice cutouts ended the week $7 per cwt. stronger than the previous week, while Select prices were up by $6 per cwt.
Choice prices were $54 per cwt. greater than at this time last year, and Select prices were $60 per cwt. greater than this time in 2024.
The Choice-to-Select spread was $18.40 per cwt., which was $8.50 per cwt. narrower than this period last year and $5 per cwt. narrower than the five-year average.
