FED PRICES FALL
Fed cattle cash prices pulled back from the previous strong week when the market was driven higher by last minute buying in preparation for the July long weekend.
The Canfax weighted average for steers last week fell $1.06 to $101.14 per hundredweight, and heifers fell 57 cents to $100.97.
However, almost all trade was on the rail and dressed prices generally fell more than $3.
The July 1 holiday forced an early close of the Canfax fed cattle report and some of the trade will be included in next week’s report.
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A strong Canadian dollar and softer fed cattle futures following the U.S. Department of Agriculture report on corn were not conducive to higher prices or exports.
Saskatchewan cash trade was light.
The percentage of the cash trade should rise this month following large formula priced trade in June.
The slightly larger cash offering should support prices short term, but lackluster demand will soon converge with a large summer market-ready supply to weigh on prices.
COWS RISE
D1, D2 cows averaged $74.22, up 65 cents from the previous week.
Alberta rail bids were steady at $138-$143, despite U.S. Midwest boner cows easing $2 per cwt.
Butcher bulls rose $1.82 per cwt.
FEEDER MARKET RISES
Improving feedlot conditions and rising feeder cattle futures supported the cash market.
Mid-weight steer and heifer prices were flat while strong buying pushed light stocker prices higher.
The Canfax average steer price rose $2.21 per cwt. and heifers climbed $1.64.
Steers and heifers heavier than 800 pounds rose for the second week.
Sales data from June 29 will be in next week’s report because of the long weekend.
Reported sales volumes totalled 6,740, down 28 percent from the previous week.
Exports to the U.S. remain weak.
Demand for feeder cattle is mixed. Larger, uniform packages of feeders are testing the highs of the Canfax price range.
CANADIAN BEEF RISES
The U.S. Choice cutout was little changed at the close July 1 at $178.60 US per cwt., up from $178.19 the previous week. Select was $172.31, down from $173.51.
Weekly Canadian cut-out values to June 24 rose with AAA at $168.52 Cdn per cwt., up $2.46 from the previous week, and AA at $165.62, up $2.98.
Canadian cut-out values are about $11.50 higher than the same time last year.
Montreal wholesale for delivery this week was anticipated to be $2 higher at $193-$195 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.ca.
