The weighted average fed steer price rose for the sixth straight week to $106.86 per hundredweight, up $1.11, and heifers rose 67 cents to $106.36.
The cash to futures basis is strong in Canada, which is opposite from the United States, where feedlots face challenges as they market in a weak basis environment.
Alberta sales volume was 14,601, up eight percent.
Strong prices have feedlots aggressively pulling cattle forward to market, which will keep carcass weights in check.
Weekly fed cattle exports to the U.S. to Jan. 29 were 9,913 head, down 12 percent from the previous week and the same week last year.
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So far this year, exports are down two percent.
Tight supply is likely to remain for a while based on the drawn out fall run and late placement of calves last fall.
That is giving feedlots leverage against the downward push from seasonally weaker beef prices.
FEEDER PRICES RISE
Buyers looking for grassers and bunk replacement cattle laid a strong price foundation.
The average steer price rose $2.79 per cwt. and heifers rose $2.60.
Steers 300-600 pounds advanced $2.19-$5.79.
Heifers 300-400 lb. rose only 28 cents. Heifers 400-600 lb. climbed $4.08-$4.40, while 700-800 lb. rose $2.46. Short keep 900 lb. and heavier steers and heifers rose $1-$2 to average $116.06 and $105.64 respectively.
Alberta auction volume totalled 34,412, up 23 percent from the previous week.
So far this year, auction volume is down 33 from last year.
Weekly feeder exports to Jan. 29 were 1,149. So far this year, exports are down two percent.
Demand remains strong with buyers digging deeper to acquire cattle, but steers and heifers 800 lb. and heavier could fall.
COW PRICE RISES
D1, D2 cows were $2.87 per cwt. higher to average $66.79. D3 cows edged higher to average $56.33.
Rail cows were $132-$134 per cwt.
Butcher bulls slipped four cents lower to average $73.69 after strong gains the previous week.
Nonfed slaughter exports to Jan. 29 totalled 4,677 head.
Exports are down 34 percent so far this year.
U.S. BEEF RETREATS
U.S. Choice and Select beef cutouts were pressured lower because of difficulty passing the higher prices up the supply chain at a time of seasonally soft demand.
Choice cutouts closed at $169 US per cwt., down $3.09, and Select was 168.58, down $2.22.
Weekly Canadian slaughter to Feb. 5 was 53,825 head. Year to date slaughter is down six percent.
Weekly Canadian cutouts to Feb. 4 saw AAA at $166.57 per cwt. Cdn, up 85 cents, and AA fell 68 cents to $164.42.
The Montreal wholesale price for delivery this week was anticipated to be steady at $192-$195 per cwt.
CATTLE ON FEED DOWN
The number of cattle in Alberta and Saskatchewan feedlots Feb. 1 was 916,805, down three percent from last year.
Placements in January were 90,005 head, down 28 percent, reflecting the snow and cold early in the month that limited auction activity.
Marketings in January were 143,845 head, an increase of two percent reflecting aggressive selling due to strong prices.
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.
