Cash prices in the United States topped $100 US per hundredweight for the first time since August 2008.
Stronger beef cutouts, good packer profits, the hard winter in the U.S. that slowed weight gain and a U.S. feedlot industry that is current in its marketing all supported fed cattle prices.
Futures also rose, helped by investment fund buying.
Prices in Canada also rose, despite the fact that the Canadian dollar hit par during the week.
Steer trade was $93.20 to $96.25 per cwt. and averaged $95.75 for the week, up $3.05.
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Heifer trade was $93.30-$95.75 to average $95.06, up $2.55.
It has been a remarkable rally with steers gaining about $20 per cwt. since February.
Rail grade steers were $155 to $161.35 last week and heifers were $157.10 to $161.35.
Packers are picking up the cattle they buy in two to three weeks.
For the week, 17,232 head sold, up 22 percent from the previous week.
The cash to cash basis strengthened to -$5.53 from -$5.68 the previous week.
Weekly slaughter for Alberta to April 3 was 37,964 head, down 19 percent from the week before but four percent larger than last year.
Weekly fed cattle exports to the U.S. to March 27 were 15,032 head, down from 18,540 head the previous week but up from 14,132 head last year.
Year-to-date fed exports are 181,484 head, up eight percent.
Calves are starting to appear and the show list should get larger, but still manageable.
D1, D2 cows averaged $53.05, up 14 cents from the previous week. D3 cow prices averaged $49.
The spread between D1, D2 and D3 has narrowed thanks to reduced trim imports from non-NAFTA countries.
Rail grade cows were $100-$108.
Butcher bulls averaged $64.15, up 55 cents.
Weekly non-fed exports to the U.S. to March 27 fell 12 percent from the previous week.
Auction volumes were at seasonal levels despite few sales on Good Friday and Easter Monday.
Volume of 43,295 head was up five percent from the week before and steady with last year. Volumes should start to tighten.
Steer prices averaged 20 cents per cwt. higher, while heifers rose $1.05 to narrow the spread.
Good interest in 300-400 pound stocker steers continues, but fluctuating quality pressured prices almost $1.20 lower.
Steers 400-500 lb. were steady, while grass type 500-700 lb. steers rose $1.25-$1.85.
Compared to a year ago, 700-800 lb. steer prices were more than $8 per cwt. lower. Supply of grass stockers appears adequate and buyers have not been pressured into larger weights.
Heifers 300-500 lb. rose $3.45, while 400-600 lb. rose $1 and 600-800 lb. rose 25-35 cents.
Heifers 800-900 lb. rose $1.15 and 900 lb. and heavier were steady.
Weekly feeder exports to March 27 totalled 5,908 head, up six percent from the previous week, but 50 percent lower than last year.
This year, feeder exports total 41,328 head, down 69 percent.
Prices in coming weeks will depend on grass growth in the western Prairies.
Surprisingly few pairs are going to auction and bred cow sales are spotty.
Producers must be focusing on potential price improvement on a smaller fall calf crop and not on the dwindling feed supply and dry soil conditions.
Fancy bred cows traded up to $1,250.
U.S. choice cutouts closed April 8 at $164.95 US per cwt., up $1.54 from April 1 and $26.99 higher than last year.
The Select cutout closed at $163.14, up $2.37 from the week before and $25.50 higher than a year ago.
Weekly Canadian AAA cutouts to April 2 were $166.48 Cdn, up $1.18 from the previous week but $13.05 lower than this week last year.
The AA cutout was $167.94, up $3.10 from the week before but $8.15 lower than last year.
The Montreal wholesale market for delivery this week rose $2 to $178-$180.
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.
