The Canfax weighted average steer price was $95.83 per hundredweight, up 38 cents, and heifers were $95.80, up 67 cents.
These prices were $12 higher than last year.
Almost all of the trade was rail grade. There was little American packer interest.
Alberta sales volume was 17,017 head, up five percent from the week before and up 20 percent from last year. Most of the show list sold.
The cash to futures basis narrowed to -$7.09 from -$8.48 the previous week.
Weekly exports to the U.S. to Oct. 24 were about 12,500 head.
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Packers are slowing kill rate to take some of the slack out of the beef marketing chain. Live cattle demand could ease, but tight supply should limit the downside.
COWS EDGE LOWER
D1, D2 cows were $45-$58 to average $53.11 per cwt., down 10 cents. Dressed cows were $103-$106.
D3 cows averaged $48.03.
Butcher bulls were $55-$75 to average $63.70, down $1.10.
FEEDERS UP
Feeder prices rose despite the large number at market.
With fall work wrapping up and lots of empty pens, more buyers have come to market.
The steer average rose $3.31 and heifers climbed $2.57.
Steer and heifers 400 to 500 pounds rose $4 per cwt. while heavier calves were up $2-$4. The basis tightened to -86 cents for 850 lb. steers, compared to -$4.56 the previous week.
Alberta auction volume was 77,194 head, up eight percent from the week before and up five percent from last year.
Sales volume of calves should be high into November.
There is some pent-up feedlot demand, but with Chicago fed cattle lower and grain prices strong, there will be moderate pressure on calf prices.
The tight feeder basis will prompt feedlots to look south for potentially cheaper calves.
BEEF STRONGER
U.S. Choice cutouts closed at $162.26 US per cwt., up $1.65, and Select was steady at $153.96.
Weekly Canadian slaughter to Oct. 22 rose six percent to 59,851 head. That was up three percent from last year. Domestic trim and grind continues to see good demand.
Ribs are struggling to keep up with U.S. values, but along with loins should start to see some seasonal improvement.
The Montreal wholesale market for delivery this week was steady at $184-$186.
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.
