Fed cattle prices rose for the fifth consecutive week.
The Canfax average steer price for the week was $119.78 per hundredweight, up $1.47, and heifers were $119.98, up $3.05.
The heifer price was the highest recorded in 20 years.
The week’s open cash offering was the smallest reported this year. The stronger loonie capped gains.
Sales volumes totalled 16,380, down four percent from the previous week. The cash to futures basis narrowed by $4.64 to close at -$4.37.
Weekly cattle exports totalled 9,099 to Nov. 19, up 23 percent from the previous week.
Read Also
Dry summer conditions can lead to poor water quality for livestock
Drought conditions in the Prairies has led to an decrease in water quality, and producers are being advised to closely monitor water quality for their animals.
Packers will try to force beef prices higher because cattle prices are near record levels. Market-ready cattle numbers will remain tight in December, but packers will resist paying strong resistance to higher cash prices.
COWS STRONGER
D1, D2 slaughter cows rose 87 cents per cwt. to average $66.28 and D3s rose $1.46.
Rail grade prices rose to $126-$131.
A seasonally smaller supply of butcher bulls saw prices rise $1.19 to average $73.75.
Weekly non-fed exports to Nov. 19 rose five percent to 4,279 head.
Speculative interest in feeder cows and seasonally smaller volumes should encourage stronger prices.
FEEDER PRICE SLIPS
Feeder prices on average were down about 40 cents per cwt., but losses were limited by strong demand.
Lighter cattle were generally about $1 lower, but benchmark 500-600 pound and 800-900 lb. steers rose about $1 and heifers 800-900 lb. were slightly higher.
Volume was steady at 65,603 head.
Auction volume is down 19 percent this year.
Weekly feeder exports to Nov. 19 were 613, down 39 percent.
Special calf sales are winding down and seasonal supplies should tighten. Good demand is expected to continue, supported by end-of-year inventory buying for tax purposes.
BRED CATTLE LOWER
An ample supply of bred females was offered through special bred sales.
Bred cows from good reputation herds sold well, but generally lackluster buyer interest pressured average prices $125 per head lower. Pairs at auction were $1,400-$1,700.
Bred heifer prices were uneven. Limited buyer interest and large volumes are expected to pressure prices lower.
BEEF SLIPS
U.S. beef cut-out values traded almost $3.50 lower last week.
Choice 600-900 lb. cutouts were $191.1 US per cwt. and Select was $173.27.
The Montreal wholesale market for delivery this week rose $2 $209-$211.
Canadian cutouts to Nov. 25 saw the AAA at $187.78, up from $185.38 the previous week and AA at $178.68, up from $176.
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.
