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Canfax Report – for Feb. 24, 2011

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Published: February 24, 2011

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Packers pushed back against rising cattle prices last week.

The canfax weekly weighted average steer price was $105.55 per hundredweight, down $1.31, and heifers were $104.86, down $1.77.

Almost all fed sales were on the rail. the cash market fell despite stronger chicago cattle futures.

With lower prices and march contract delivery just around the corner, sellers were not motivated to move cash cattle and a lot of the offering rolled into the next week’s list.

Sales volume dropped 17 percent to 12,160. that was 42 percent smaller than last year.

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The cash to futures basis widened to -$3.08 from -$1.64 the previous week.

Weekly fed exports to feb. 5 were 19 percent lower at 8,044 head. that was 40 percent lower than last year.

Feeders are current in marketing and although packers tried to back the market down, the power is likely to remain with feeders.

However, packers could reduce kill until beef demand improves.

Cow prices rise

D1, D2 cows rose $2.51 per cwt. to average $69.29, and D3s rose to average $58.56.

Rail cows were steady at $132-$134.

Butcher bulls jumped $3.02 to average $76.76. the range was $65-$89.

Weekly non-fed slaughter exports to feb. 5 totalled 4,314. the year-to-date volume is 20,944, down 35 percent.

Feeder cattle rally

Handy-weight grass cattle values rose, while heavier feeders saw little price movement.

The Canfax average steer price rose $2.04 per cwt. and heifers climbed $1.70, despite the largest volume so far this year.

Steers and heifers 300-400 pounds surged $6 higher and 400-600 lb. gained $1-$2.25.

Steers 700-800 lb rose $2.57 and 800 lb. and heavier edged eight-50 cents higher.

Heifers 600-700 lb. fell 27 cents.

Auction volume totalled 41,155, up 20 percent from the previous week.

Weekly canadian feeder exports to feb. 5 were 1,114.

Weaker fed prices might depress values for 800 lb. and heavier cattle.

As demand for grass cattle further intensifies, look for steady to higher prices.

With attractive values, producers may opt to further liquidate replacement seed stock.

U.S. beef falls

Choice cut-out values Feb. 17 were $167.22 us per cwt., down $1.78. select fell $1.91 to $166.67.

Weekly Canadian slaughter volume to Feb. 12 was 56,171 head.

Year to date slaughter is down six percent.

Weekly Canadian cut-out values to Feb. 11 saw AAA fall 10 cents to $166.47 Cdn while AA rose 67 cents to $165.09.

The Montreal wholesale price for delivery this week was expected to rise $2 to $194-$196 per cwt.

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.c a .

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