A light to moderate offering, good demand from packers procuring supply for January, stronger cattle futures and a softer Canadian dollar lifted cash cattle prices in the week ending Dec. 24.
Canadian cash market information was not available for the week between Christmas and New Year’s, but Chicago futures set record highs at more than $1.07 US per pound.
The Canfax weighted average steer price in the week before Christmas was $96.58 per hundredweight, up $2.13, and heifers were $96.49, up $2.19.
Few cash cattle were on offer and most of the week’s trade was on a dressed basis at about $162.85 per cwt.
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Sales volume of 19,571 was 42 percent higher than the previous week but four percent smaller than the same week last year.
U.S. buyers were not in the cash market. The cash to futures basis widened to -$8.47 from -$7.51 the previous week.
Weekly fed exports to Dec. 11 were 7,025, down 21 percent from the previous week and down 37 percent from last year.
In the year to date, 593,635 head were shipped to the United States, up 18 percent from last year.
Anticipated larger market-ready supply in January, combined with softer post holiday demand, could result in weaker prices.
NON-FED PRICES RISE
D1, D2 cows rose 50 cents to average $57.87 per cwt. while D3 cows fell 39 cents to average $50.75.
Rail grade cows rose to $113-$118 per cwt.
Butcher bulls rose $1.76 to average $64.39.
Weekly non-fed slaughter exports to Dec. 11 rose 11 percent from the previous week.
Exports for the year are up about one percent from the previous year.
High prices could flush out a new wave of slaughter cows in January, but supply will likely not exceed demand.
FEEDER PRICES DOWN
Auction volumes of 19,869 head were 60 percent smaller than the previous week and 24 percent lower than last year.
A significant number of sales were too small to generate a meaningful market report.
The steer average fell $1.19 and heifers were 72 cents lower.
Stockers lighter than 400 pounds were $2-$3 lower, while 400-500 lb. were steady to slightly lower and 500- 600 lb. feeders were $2 lower.
Steers 600-900 lb. were 50 cents-$1 lower and heifers of the same weight were steady to $1 higher.
Steers and heifers heavier than 900 lb. fell $1.25-$1.75.
Weekly feeder exports to Dec. 11 totalled 1,377 head, up 28 percent from the previous week but 18 percent lower than last year.
Exports for the year are down about 30 percent.
Strong cattle futures should support feeder prices in January.
Expected large fed marketings in January should improve feeder demand.
Strong non-fed demand continued to put a firm floor under quality bred female prices.
Bred prices were $700-$1,425, up $300-$400 from last year.
Another wave of bred females is anticipated in the New Year.
BEEF PRICES MIXED
U.S. Choice cutouts closed Dec. 23 at $158.92 per cwt., down $2.23. That was $20.57 higher than last year.
Select cutouts were $152.64, up 33 cents. That was $21.57 higher than last year.
Weekly Canadian slaughter volume to Dec. 18 at 60,479 head was nine percent higher than the previous week.
Beef demand is expected to soften in the New Year as consumers struggle to pay off holiday debt.
The Montreal wholesale market for delivery in the last week of the year was steady at $187-$189.
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.
