The Canfax weighted average steer price was $97.74 per hundredweight, up $2.79, and heifers were $97.29, up $2.87 in the week ending Nov. 26.
The steer price was $19.37 higher than last year at this time and the highest since May 2009.
Sharply higher bids for cash fed cattle in the United States helped the market rise. It was a surprise, given increasing market ready supply there. Packers appear to be confident they can sell the beef in the U.S. and the export market.
Alberta sales volume totalled 15,839, steady with the previous week. U.S. buyer interest in Canadian cattle was limited compared to the previous week.
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The cash to futures basis narrowed to -$5.44 from -$8.06.
Weekly fed exports to Nov. 13 rose 19 percent to 9,747 head, down 12 percent from last year.
Packers have slowed slaughter speed, but that is unlikely to pressure fed cattle lower because the feedlot supply of market ready cattle is tight in Canada.
Yearlings placed in late summer will not be ready until mid-December because of the recent cold snap.
Strong beef and Chicago futures prices support the market.
COWS RISE
The D1, D2 cow average price rose $1.09 to $52.91 per cwt. and D3 cows rose 88 cents to $48.28.
Rail cows were $103-$108. Butcher bulls rose $2.24 to $62.10.
FEEDERS SLIGHTLY WEAKER
Feeder prices for the most part were steady to slightly softer, depending on the type of cattle.
Alberta steers were down 30 cents per cwt. and heifers were down $1.55.
Light heifers were down $1.50-$3 because buyers were more cautious given the recent weather.
Steers lighter than 600 pounds fell 58-91 cents per cwt., while heavier steers were virtually steady.
For most weight categories feeders are $20-$30 higher than last year.
Alberta auction volume was 46,363 head, down 40 percent from last week and down 27 percent from the same week a year ago.
Auction volume in Saskatchewan was only 2,200 head lower than Alberta.
Weekly feeder exports to Nov. 13 were only 583 head.
More feeder cattle had been exported in 2009 by the end of May than have been seen so far in 2010.
BEEF STRONGER
U.S. Choice cutouts rose $2.46 to $161.10 US per cwt. and Select climbed $2.24 to $151.56.
Weekly Canadian slaughter to Nov. 20 rose two percent to 61,374 head.
Steer carcasses at 876 lb. are two lb. lighter than last year.
Canadian AAA cutouts to Nov. 20 averaged $153.65 Cdn, up $1.29 from the week before. AA cutouts averaged $151.24, up 32 cents.
The Montreal wholesale market for delivery was steady at $184-$186.
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.
