FED PRICES JUMP
The weaker loonie and a strong U.S. market combined to drive fed cattle prices much higher.
Packers were aggressive buyers, making feedlots extremely current in their marketing and allowing them bargaining room to support these high prices.
Fed steers averaged $118.31 per hundredweight, up $3.96, and heifers were $116.93, up $3.11. Alberta rail prices for steers were $194.50- $200.75 and heifers were $194.50- $197.75.
A large percentage of the week’s offering sold on a dressed weight basis, due to an increased volume of short fed summer yearlings.
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American packer interest helped support prices.
The cash-to-futures basis narrowed by more than $1 to -$9.01.
Fed slaughter in Western Canada to Nov. 19 totalled 30,072 head, up two percent from the previous week.
Weekly fed exports to Nov. 12 fell nine percent to 7,419 head.
COW PRICES EDGE HIGHER
The tight supply of fed cattle is increasing demand for non-fed cattle. The weekly cow slaughter volume reached the largest level since late February.
D1, D2 cows were $60-$71 cwt. to average $65.41, up $1. D3 cows were $50-$64 to average $57.09.
Rail bids were $124-$129 per cwt. Butcher bulls traded mostly steady.
Weekly exports to Nov. 12 totalled 4,063, down nine percent from the previous week.
FEEDER PRICES SLIP
Large feeder marketings during the month pressured prices lower, but the lower Canadian dollar and strong fed market are supporting prices.
The average steer price fell 24 cents last week, while heifers were 90 cents lower.
Heifer calves fell $1.50, while mid-weight steers were steady.
The few yearlings on offer saw strong value.
The average 900 pound and heavier steer-heifer price spread has been less than $6.75 per cwt.
Pre-sorted packages of potential seedstock heifers are being assembled with strong buyer interest.
The fall run is starting to wind down with auction volume at 65,734, down 27 percent from the previous week. However, warm weather should prevent a big drop in volume.
Weekly feeder exports to Nov. 12 totalled 999, up 11 percent from the previous week.
BRED COWS
Good non-fed values are providing a strong floor price for bred cows.
Commercial herds with good reputations are seeing strong producer interest with packages trading up to $1,700 per head. The range is $1,000- $1,700 on bred cows and $1,040- $1,750 on bred heifers.
Dispersals from British Columbia, Saskatchewan and Manitoba are being showcased at southern Alberta auctions.
A large offering of bred cows in December could overwhelm buyers. Mature or blemished packages of cows will likely be sold to packers.
BEEF STRONGER
U.S. cut-out values were 50 cents-$1.50 US higher on light to moderate demand and offering. Choice 600-900 lb. cutouts Nov. 25 were $196.23 US per cwt. and Select were $177.04.
Canadian cut-out values to Nov. 18 rose $4 Cdn, with AAA at $185.38 and AA at $176.
The Montreal wholesale for delivery this week was steady at $207- $209.
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.
