The Canfax weighted average steer price for the week ending July 23 was $89 per hundredweight, up $1.12, and heifers were $87.90, up 36 cents.
Most business traded in a narrow range on the rail. Steers saw some live bids, but no live sales were reported.
Some cattle were carried over. American buyer interest was light.
Sales volume of 25,279 head was down nine percent from the previous week.
The cash to futures basis narrowed to -$7.80 compared to -$8.09 the previous week. Export information was not available.
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Market-ready fed supplies are ample, but feedlots are still current.
Recent speculative investment in cattle futures is expected to soften, and overbought nearby live cattle futures should soon fall. Beef demand should seasonally soften.
D1, D2 cows were $53-$65 per cwt. to average $59.26, up $1.48.
Rail prices were higher at $110-$120. D3 cow prices were almost $2.25 higher and averaged $52-$58.
Butcher bulls were $63.25-$80 to average $72.81, up $1.63.
The non-fed export report was unavailable.
STEER PRICES RISE
The smaller feeder supply is being felt generally.
Prices were mostly steady but distorted by quality issues.
The steer average rose 57 cents and heifers rose 29 cents.
Steers 300-400 pounds rose $1.20 and 400-700 lb. were steady to $1 lower.
Steers 700-900 lb. rose $2-$2.50 and those heavier than 900 lb. rose 30 cents.
Heifers 300-500 lb. fell $1-$1.50 and 500-600 lb. were $1.25 higher.
Heifers 600-800 lb. were steady while those heavier than 800 lb. rose $1.25-$1.75.
Auction volumes totalled 17,060 head, up 33 percent from the week before and four percent higher than last year. Non-fed cattle are a large percentage of the weekly volume.
The export report was not available.
Light volume will continue, and quality feeders of all weights will see strong buyer interest.
Pasture conditions in some parts of Alberta deteriorated a little, and grass cattle may soon be shipped.
Bred female trade was too small to quote. Good cow-calf pairs saw prices firm to $1,000-$1,400.
BEEF HIGHER
U.S. Choice cutouts rose $1.41 to close at $155.28 US per cwt. Select rose $1.96 to $146.75.
Weekly Canadian slaughter to July 17 rose five percent at 69,489 head, which was up 15 percent from last year.
The Canadian boxed beef price model was changed for the week ending July 2 to include kidney, hanging tender and kidney, pelvic and heart fat so as to match the U.S. cut-out value.
Weekly AAA cutouts to July 16 were steady at $147.58 Cdn, down $17 from year ago levels.
The AA cutout rose $1.25 to $147.88, down $10 from a year ago.
The AAA-AA spread is narrow to negative at times.
The Montreal wholesale market for delivery this week was up $3 at $178-$180.
U. S CATTLE ON FEED
The U.S. cattle-on-feed report said 10.07 million cattle were in feedlots as of July 1, up 3.3 percent over last year, similar to what analysts expected.
Placements into feedlots were 1.628 million head, up 17 percent, as profitable cattle prices encouraged feedlots to fill empty pens. Placements were a little lower than expected.
Marketings in June were 1.997 million, up 0.4 percent.
The midyear cattle inventory report, which includes beef and dairy cattle, bulls, cows and calves, showed the smallest July 1 cattle herd on record at 100.8 million head, down 1.2 percent from a year ago. U.S. Department of Agriculture records go back to 1973.
The smaller herd had been expected.
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.
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