Fed prices rally
Warmer weather and the coming grilling season sparked the beef market to life, pushing cattle and futures markets higher.
The bottom of the fed cattle price range rose, Canfax said, pushing the weekly average up.
Few live cattle traded during the week, and Canfax was unable to collect details of heifer sales.
The Canfax weighted average price on steers was $100.15 per hundredweight, up 60 cents, and heifers rose 94 cents to average $99.55.
Sales volume was one percent smaller at about 15,500 head.
Read Also
China’s grain imports have slumped big-time
China purchased just over 20 million tonnes of wheat, corn, barley and sorghum last year, that is well below the 60 million tonnes purchased in 2021-22.
The cash-to-futures basis strengthened slightly to $6.96 under compared to $6.91 under last week.
Exports of fed cattle to the U.S. for the week of April 4 were 19 percent lower than the previous week and 25 percent lower than last year.
Year-to-date, 180,499 fed cattle have been exported to the U.S., down 27 percent from last year.
Canfax said a tight fed supply, positive packer margins and improving retail demand should keep fed prices firm this week, although firmness in the Canadian dollar could limit the rise.
D1, 2 cow trade in Alberta traded at $47-$63 per cwt. with an average of $56.01, up 35 cents.
Butcher bulls traded $55-$75 and averaged $66.85, up eight cents.
Slaughter cow and bull exports for the week ending April 4 were 3,550 head, down from 4,410 head the previous week.
The number of cows on offer is expected to remain tight and prices should trade steady to higher. Butcher bull trade is expected to be firm, Canfax said.
Beef jumps higher
U.S. Choice cutouts jumped by $9.94 to $147.90 US and Select was up $7.94 to $145.58.
Beef trim prices were firm with light to moderate demand and offerings.
The Calgary wholesale market for delivery this week was steady at $179 Cdn.
The Montreal price jumped $6 to $181.
Byproduct values were steady at $60-$95.
Tight offerings support prices
Alberta feeder cattle auction market volumes were 25 percent smaller at 32,434 head.
Some of the decrease could be attributed to Easter, but there also doesn’t appear to be a large number of feeders left to market, Canfax said.
With tighter offerings, feeder prices were strong on good demand.
Steers 600-800 pounds traded 70 cents-$2.30 per cwt. higher and heifers in the same weight range were $1.60-$1.80 higher.
Steer calves 300-500 lb. traded 80 cents-$2.50 higher, while heifers 300-500 lb. were up $2.40-$4.35.
Overall, steers averaged $1.42 higher and heifers were $2.23 higher.
Exports of Canadian feeder cattle to the United States for the week ending April 4 totalled 10,642 head, down 10.5 percent from the week before.
Year to date, 142,302 Canadian feeder cattle have been exported, down 33 percent from a year ago.
Canfax said it appears to be a good time to buy feeders and place them in feedlots. With the cost of barley lower, profits are expected in calves, yearlings and short keeps.
There is optimism in the cattle market with higher fed and feeder prices.
Bred cows were steady at $827.99 while bred heifers averaged $812.50, down $277.50 from the week before on light offerings, Canfax said.
Cow-calf pairs averaged $1,093.75, up $5.92.
Interest is good for sound, quality bred cattle.
Cattle on feed
The U.S. Department of Agriculture reported the April 1 feedlot cattle supply was down five percent from a year ago, or 11.152 million head. March placements were up four percent at 1.802 million and March marketing’s were down one percent, or 1.828 million.
Analysts said the results were about as expected and should not cause much movement in Chicago cattle futures.
Hog prices rise
Pork demand rose in advance of the grilling season, lifting prices as the supply of market ready hogs tightened. Hog prices climbed.
Iowa-southern Minnesota cash hogs rose to $44.50 US April 17, up from $42 April 9.
The U.S. pork carcass cut-out value rose to a six month high of $61.91 April 17, up from $58.94 April 9.
U.S. federal slaughter to April 18 was estimated at 2.12 million, down from 2.13 million the week before, and down 8.5 percent from the same week the year before.
The USDA said hog slaughter so far this year is down 5.4 percent.
Bison prices steady
The Canadian Bison Association said Grade A carcasses from youthful bulls in the desirable weight range in Canada were $2.40-$2.75 Cdn per lb. hot hanging weight.
Heifers were $2.30-$2.65 per lb.
The cull cow and bull average rose to $1.15 per lb., with sales to $1.45.
Weight, quality, age and delivery location affect final price.
Holiday lambs stronger
Ontario Stockyards reported 2,173 sheep and lambs and 219 goats traded April 13.
All classes of lambs and good kid goats traded at sharply stronger prices because of strong demand related to Greek Easter.
Sheep and bigger goats were steady.
