FED PRICES SOAR
Tight cattle supply and record high Chicago cattle futures pushed Canadian cash cattle higher. Packers showed new interest in buying.
The Canfax average steer price for the week was $108.95 per hundredweight, up $4.87. Heifers rose $5.04 to average $108.39.
Most of the trade was dressed with prices near the high end of the range.
Alberta sales volume totalled 11,300 head, down 25 percent from the previous week.
Despite unprecedented gains of $5-$10 in the United States, the cash to futures basis narrowed slightly to -$5.77.
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Weekly fed exports to Feb. 26 totalled 9,581 head.
Year to date exports are down 29 percent.
The record live cattle futures appear to be driven by speculation, and trade could be volatile. However, tight supply of market ready cattle and high Choice and Select cut-out values will limit downward pressure.
Japan is a beef importer and the earthquake could hurt imports.
COW PRICES CLIMB
U.S. imports of Australian trim have taken the edge off American cow prices, but tight supply in Canada pushed prices higher.
D1, D2 cows rose $3.27 to average $73.29 per cwt. D3 cows rose 29 cents to average $61.79.
Rail cow prices were $139-$144. Butcher bulls rose 50 cents to average $80.83.
Weekly non-fed slaughter exports are down 34 percent so far this year.
FEEDER PRICE RISES
Auction volumes increased thanks to milder weather and special grass cattle sales. Prices rose, supported by the stronger fed market.
The steer average rose 63 cents per cwt. and heifers climbed almost $1.
Steers lighter than 500 pounds saw moderate gains while 500-700 lb. rose $1.50 and over 700 lb. were steady.
Heifers 300-500 lb. rose $1-$1.50 and 500-700 lb. heifers were steady to 50 cents higher.
Heifers 700-900 lb. rose 75 cents. Heifers over 900 lb. appear to have increased interest as seedstock, and prices surged $2.
Auction volume totalled 41,952, up 39 percent from the previous week but down 21 percent from last year.
Weekly feeder exports to Feb. 26 were 3,165 head, steady with the previous week. Year to date exports are down 33 percent.
CUTOUTS NEAR RECORD
Other than a couple of anomaly weeks in October 2003, cut-out values are record high.
U.S. Choice cutouts on March 10 were $178.71 US per cwt., up $5.83. Select was $176.98, up $4.60.
Weekly Canadian slaughter volume to March 5 of 49,991 head was up almost three percent from the previous week but down 19 percent from last year.
Canadian AAA cut-out values to March 5 were $169.25 per cwt., up $3.11. AA cutouts were $167.29, up $1.69.
The Montreal wholesale market for delivery this week rose $1 to $193-$195.
CATTLE ON FEED
There were 948,782 cattle on feed in Alberta and Saskatchewan March 1, down five percent from last year at the same time.
Placements totalled 169,274 head, down 21 percent from last year.
Marketings totalled 123,068, down 18 percent. Average placement weights have been down for four months, which will create tighter supply in May to July.
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.
