FED CATTLE RISE
The Canfax average steer price last week was $110.04 per hundredweight, up $2.16, and heifers averaged $108.57, up $2.18.
Feedlot inventories are current, show list volumes are light and feedlots are pulling green cattle forward to sell early.
Most of the trade was on the rail at prices $183.00-$186.85 per cwt. in Alberta.
Volume totalled 12,224 head, down 30 percent from the previous week.
The Alberta to Nebraska cash-to-cash basis narrowed to -$2.71 from -$4.86 the previous week.
Weekly fed exports to March 12 totalled 10,533 head, up 22 percent from the previous week.
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COW PRICES EDGE LOWER
D1, D2 cow average prices dropped $1.53 to $74.88 per cwt. D3 cows fell 27 cents to average $65.06.
Rail cow prices rose to $143-$148 per cwt. American cull cow prices strengthened as global demand outweighed supply.
Butcher bull prices fell $1.51 to average $81.81.
Non-fed slaughter cattle exports were steady for the week ending March 12 but so far this year are down 33 percent.
FEEDERS DOWN
Cattle futures last week were recovering from the shock of Japan’s earthquake and the general pull back of speculative money. Futures closed the week at about the pre-earthquake level because traders believe Japan might have to import more meat to replace domestic production affected by radiation.
The weaker futures early in the week and fears of a quick melt that could slow demand for light stockers pressured feeder cash prices.
The Canfax average feeder steer price was $1.39 per cwt. lower, while heifers traded 23 cents higher.
Stocker steers lighter than 400 pounds fell more than $3 per cwt. while steers heavier than 400 lb. traded 50 cents-$1.50 lower.
Price spreads for steers less than 700 lb. were wide relative to quality and condition. Spreads were more moderate for feeders heavier than 700 lb. Light stocker heifers 300-400 lb. were mostly steady, and 400-500 lb. heifers were $1.37 higher.
Heifers 500-700 lb. fell 50 cents per cwt. while those heavier than 700 lb. were 50 cents higher.
Auction volume was 40,268 head, down six percent from the previous week. Volume is down 26 percent year to date.
Weekly feeder exports to March 12 were 1,750 head, down 43 percent from last year. So far this year exports are down 33 percent.
Bred cows were $1,100-$1,600. Bred heifers were $1,350-$1,450 and cow-calf pairs were $1,200-1,500.
BEEF WEAKENS
U.S. Choice cutouts March 24 were $186.82 per cwt., down 97 cents, up about $24 from last year. Select cutouts were $185.56, down $1.11 from the previous week. Packers are meeting buyer resistance to the high beef prices.
Weekly Canadian slaughter to March 19 was up five percent at 53,591 head, but that was down 14 percent from last year.
Canadian AAA cutouts to March 19 were $176.93 per cwt., up $1.83 from the previous week and $17.56 higher than a year ago.
AA cut-out values of $175.91 were up $2.30 from the previous week and $17.29 higher than last year.
The Montreal wholesale market for delivery this week was steady at $195-$197.
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.
