The Canfax weighted average steer price was $93.34 per hundredweight, down 58 cents, and the heifer price was $92.67, down 78 cents.
Volume sold was 16,897 head, up three percent from the week before and up 33 percent from last year.
The cash to futures basis widened to -$6.45 from -$4.13 the previous week. Fed cattle exports to Oct. 30 were 11,513 head, down eight percent from the week before and 10 percent lower than last year.
Market ready numbers are expected to decrease in coming weeks, but beef demand is lackluster as Christmas and turkey season approaches.
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COWS WEAKER
D1, D2 cows were $45-$58 to average $51.94, down 65 cents.
Rail prices dipped to $100-$104 from $103-$106.
D3 cows also traded lower to average $46.89 .
Butcher bulls were $50-$70 to average $61.08, down $1.47.
Non-fed prices are expected to decline, but high feeder cattle prices have improved interest in feeder cows to use surplus forage.
LARGE FEEDER VOLUME
Auction volumes increased and prices were weaker as producers catch up on marketing after a late harvest.
Auction volume in Alberta totalled 105,882, the most for that week since 2002 and in Saskatchewan volume was 53,883, five times larger than five weeks ago.
On average, steers were $1.02 per cwt. lower and heifers fell 58 cents.
Steer and heifer calves lighter than 500 pounds were steady to $1 higher, while those heavier than 600 lb. fell $1 to $2.50 .
Weekly feeder cattle exports to Oct. 30 totalled 1,758 head, down 15 percent from the previous week. Exports are down 28 percent so far this year.
Calf prices could stabilize because many feeders want to fill pens.
BEEF WEAKER
U.S. Choice cutouts fell $1.93 to $157.08 US per cwt. and Select was down $3.60 at $148.30.
Weekly Canadian slaughter to Nov. 6 was 55,704, down 10 percent. Cow slaughter of 12,901 was 19 percent lower than a year ago.
The Montreal wholesale market for delivery this week was steady at $184-$186 Cdn.
CATTLE ON FEED
There were 825,620 cattle in Alberta and Saskatchewan feedlots Nov. 1, up 20 percent from Oct 1. but eight percent below a year ago and 13 percent below 2008.
October marketings were 146,051 head, up seven percent from a year ago. Placements were 298,401, down five percent from last year.
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.
