The Canfax weighted average steer price was $94.95 per hundredweight, up $1.61, and heifers were $94.42, up $1.75 for the week ending Nov. 19.
Support came from the weaker Canadian dollar and strong Canadian packer demand, despite slower kill speeds. There was also demand from plants in the northwestern United States.
The number of cattle on offer fell seasonally. Volume sold was 15,915, down about six percent.
The basis widened to -$8.06 from -$6.45 the previous week.
Steer carcasses for the week ending Nov. 13 were 875 pounds, up five lb. from the previous week, but 13 lb. smaller than last year.
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Weekly fed cattle exports to Nov. 14 were 9,750 head, up five percent from the previous week.
Market ready supply in the U.S. is expected to be large in December and January, a generally poor demand period.
Canada will have relatively tight supplies through this period.
FEEDERS RISE
The Canfax average steer price rose 37 cents per cwt. and heifers were 68 cents higher. Good forage supply in Alberta is supporting prices.
Light stocker calves saw strong demand, with steer prices firm and light heifers trading $1 higher.
Mid-weight steer prices eased slightly but saw good demand, and middle weight heifers traded 50 cents higher.
Steer calves and yearlings heavier than 800 lb. rose while heifer prices held steady.
The large calf sales are winding down and many auctions are gearing up for bred sales.
Auction volume fell 26 percent to 77,895 head, but that was 13 percent more than last year.
Weekly feeder exports to Nov. 6 were 1,363 head, 22 percent lower than the previous week and 51 percent lower than last year.
BEEF STRONGER
Choice cut-out values closed at $158.64 US per cwt., up $1.56 from the week before. Select cutouts were $149.32, up $1.02.
Beef is attractively priced, but local retail sales have been disappointing.
The Montreal wholesale market for delivery this week was steady at $184-$186 Cdn.
U.S. CATTLE ON FEED
The U.S. Department of Agriculture reported 2.504 million cattle were placed in feedlots in October, up 1.3 percent year-on-year thanks to profitable prices and dry pastures in Texas. Analysts on average had expected a slight drop.
Total feedlot supply as of Nov. 1 was 11.487 million head, up 3.2 percent from a year earlier and the largest supply for that date in three years. Analysts had expected 2.8 percent more cattle.
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.
