FED CATTLE PRICES DOWN
Fed steers averaged $104.71 per hundredweight and heifers came in at $103.84, both down more than $2 from last week. Alberta steers averaged $106 with prices on the rail between $176-$177.
Sales volumes of 16,581 was eight percent below last week and 36 percent smaller than last year at this time.
The cash to futures basis narrowed to -1.21, compared to -4.75 the previous week. Fed exports were 7,500, 23 percent lower than last week and 32 percent lower than last year.
FEEDER CALF TRADE STEADY
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A larger run of yearling calves is expected to pick up this month from light volumes. The trade was mostly steady.
Steers in the 700-900 pound range continue to find good buyer demand. The 700-800 lb. category fetched an average of $128 per cwt., up 26 percent from last year and the heavier weights averaged $117, an improvement over last year of 20 percent. Heifers in that weight range trended slightly lower by $1.50.
Auctions are offering more presorted and replacement heifer sales with good volume at 31,195, up more than 35 percent over the previous week. However, overall auction volumes continue well below last year.
Sales of grass weight calves stalled as below seasonal temperatures delay pasture growth.
Canfax projected that feeder prices for August and September will be $123 per cwt. and trending lower into the fall with November forecasts at $118 per cwt.
COW TRADE LOWER
Weekly cow slaughter declined 23 percent from the previous week. Prices for D1, D2 cows averaged $76.55 while D3s were $68.55. Butcher bulls traded steady at $76-$98 per cwt. Canadian non-fed exports to the United States are down seven percent from last week and 26 percent from the same time last year.
BEEF TRADE
Canadian slaughter volumes for the week ending April 30 were up nine percent compared to last week at 56,330 head but were 11 percent smaller than last year.
About 916,800 head have been killed so far this year for all categories of cattle, which is 89 percent of last year. The West continues to dominate, handling more than 672,900 head, but it is still operating below full capacity. Meat production is 729 million lb., or 12 percent less than last year.
Canadian AAA cutouts for the same week traded at $179 per cwt., or $1.18 higher than last week. AA cutouts were up $1.14, closing at $177.08. Both were up $5 per cwt. compared to 2010.
The percentage of cattle fitting into the AAA quality grade is also slipping. More than 55 percent fit into that category, compared to more than 60 percent making the top grade in early April.
The Montreal wholesale market for next week’s delivery was steady at $200-$202 per cwt., but demand appears lackluster.
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.
