FED CATTLE PRICE SLIP
The stronger loonie and weaker cattle futures weighed on cash cattle prices, and averages were down from the previous week’s records.
The Canfax average steer price was $113.17 per hundredweight, down $2.39, while heifers were $113.82, down 34 cents.
There was a large offering of heifers early in the week before prices fell, limiting their average weekly decline.
The show list was 36 percent larger with 8,078 cash cattle on offer. Some producers speculated and looked to sell greener cattle, but they moved to the sidelines as prices softened.
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Most trade was dressed with prices near the low end of the range.
Alberta steers were $188-$192.75 on the rail, and heifers were $189.75-$196.50.
Sales volume totalled 13,174, down 11 percent from the previous week.
The cash-to-futures basis widened to -$2.95 compared to -$1.80 the previous week. Exports are down 36 percent this year. Packers have little supply on hand, and a possible bounce in demand for May beef sales remains supportive.
Carcass weights are generally 10 to 20 pounds lower than last year as green cattle enter slaughter facilities, further supporting live cattle values.
COWS RISE
Muddy yards reduced the number of non-fed cattle at auction.
D1, D2 cows rose $1 to average $79.79 per cwt., while D3 cows fell $1.67 to average $67.83. Rail prices were steady at $148-$153 per cwt.
Firm American Midwest boner cow prices supported Canadian trade.
Butcher bull prices were steady to average $87.69 per cwt.
Weekly non-fed slaughter exports to March 26 were down eight percent at 3,759 head.
Slaughter cow volume should increase with drier weather. Prices are expected to be lower.
FEEDERS MOSTLY STEADY
The average feeder steer price was steady with the previous week and heifers traded 22 cents higher.
Tight supplies and improved interest for grass cattle were supportive. Muddy yards might have reduced the number going to auction.
Stocker steers lighter than 600 lb. fell, and the lighter than 400 lb. group traded significantly lower.
Steers 600-700 lb. rose $2.50 and 700-800 lb. were firm.
Steers heavier than 900 lb. rose $1.50. Heifers 300-500 lb. were 50 cents lower but 500-600 lb. were $2 higher.
Heifers 600-700 lb. saw higher prices. Auction volume rose four percent to 36,765, which was down 15 percent from last year.
Weekly feeder exports to March 26 were 2,193 head, down 63 percent from last year. Exports are down 41 percent this year at 24,569 head.
Auction volume could increase this week as farmyards dry up. Some feedlots may delay restocking pens until things dry a little more, but grass cattle interest should support middle weight prices.
Heavier heifer prices may firm.
BEEF RISES
U.S. Choice cutout April 7 was $190.93 US per cwt., up $2.52. Select was $187.01, up $1.79.
Weekly Canadian slaughter to April 2 rose almost one percent to 52,175 head, which was three percent larger than last year.
Canadian AAA cutouts in the same week were $181.27 Cdn per cwt., up $2.18 compared to the previous week and $14.79 higher than last year. AA cutouts were $179.92, up $3.45 from the previous week and $11.98 higher than last year.
The Montreal wholesale market for delivery this week was $4 higher at $201-$203.
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.
