Fed cattle prices stalled last week after an aggressive run up.
The Canfax weighted average steer price was $93.62 per hundredweight, down $2.15, while heifers fell $2.30 to average $92.79 April 9-15.
Good U.S. buyer interest continued to support Canadian prices.
Sales volume rose two percent from the week before to 16,980 head. Feedlots are current in their marketing.
The cash to futures basis widened to -$4.61 compared to -$3.92 the week before.
Weekly exports to April 3 fell five percent to 14,260 head, which was 31 percent higher than last year.
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Fed offerings are expected to grow as more calves become market ready. Long-fed yearlings should see strong demand and steady prices, but calves and cattle that might grade A could see softer prices.
A tightening supply of D1, D2 cows resulted in prices of $48-$60.50 to average $55.91, up $2.90. D3 cows were $40-$55 to average $49.13.
Rail grade cows were $108-$112, up from $100-$108 the previous week.
Butcher bull prices were $55-$75.25, up $1.50.
Weekly cow slaughter to April 10 was 8,506 head, up from 9,327 a year ago.
Weekly non-fed cattle exports to April 3 were 4,172 head, up from 3,889 last year.
Marketings and prices held up despite snow and bad weather. Steers averaged 35 cents higher for the week and heifers were $1.25 higher.
Steers 300-500 pounds fell $1-$1.50, while heifers rose almost $2.
Steers 900 lb. and heavier were $1 lower, but 700-900 lb. rose $2-$3.30. Heifers in the same weight group also saw strong interest as replacement cattle.
Alberta auction volumes for the week fell four percent to 41,372 head. Year to date auction volume is up eight percent at 609,192 head.
Weekly feeder exports to April 3 were 9,509 head, up from 5,908 the week before but a little less than the 10,642 head exported last year.
U.S. interest may taper off as the Canadian dollar reaches par.
Seasonally, auction volumes tend to decline from this point.
Feeder prices will likely be mixed this week with the most interest in heavier animals.
In light trade, bred cows were $700-$1,250 to average $888, and cow-calf pairs were $750-$1,200 to average $1,009.
U.S. Choice cutouts rose $2.01 to close at $166.96 US and Select rose $1.49 to $164.63.
Choice and Select cutouts were trading about $19 higher than last year.
Weekly Canadian slaughter volume to April 10 rose eight percent to 54,916 head.
Canadian AAA cutouts to April 10 were 85 cents higher than the week before, but $12.59 lower than last year.
AA cutouts were up 24 cents from the previous week but down $12.81 from last year.
Canadian packers have positive margins, and inventories are growing. AAA middle cuts are trending seasonally higher and are expected to gain momentum.
The Montreal wholesale market for delivery this week was steady at $178-$180.
Drought and stronger prices caused cow-calf producers to sell more cattle to Alberta and Saskatchewan feedlots.
The number of cattle placed in March was 224,973 head, up 16 percent from last year and 13 percent larger than March 2008. Heavier cattle showed the largest increase in placements. Fewer cattle lighter than 600 lb. were placed than last year.
The number of cattle on feed April 1 was 1.03 million, up nine percent from last year.
The number of cattle marketed was 170,064, almost unchanged from a year ago.
Other disappearance was 22,272, down 35 percent.
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.
