Fed cattle lower
For the week, fed steers averaged $77.83 per hundredweight, down $2.32 from the week before. Heifers averaged $77.19, down $1.75.
The strong Canadian dollar was part of the reason for the lower prices.
Sales for the week were slightly more than 12,000 head, down 24 percent from the week before and 33 percent lower than the same week last year.
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The trading range for steers was $76.10-$78 per cwt. live and $130-$131.30 on the rail. Heifers were $76.10-$77.75 live and $130-$131.30 on the rail.
The cash to futures basis weakened to $8.30 under from $5.94 under the week before. Fed cattle exports to the U.S. for the week ending Oct. 3 totalled 9,913 head, down from 11,440 the previous week.
D1, 2 slaughter cow demand remains strong but the seasonal increase in auction volume pressured prices $2.50 per cwt. lower. The average price was $35.80.
Butcher bulls were $2.59 lower and averaged $46.12. Non-fed slaughter exports for the week ending Oct. 3 totalled 4,514, up 39 percent from previous week.
Feeders weaker
The feeder steer price average for the week fell $2.79 per cwt. and heifers dropped $3.59.
Steer calves weighing 300-500 lb. saw strong demand with prices down only 85-99 cents per cwt. while steers heavier than 500 lb. were $3-$4 lower. Feeder heifer were generally $3-$4 lower.
Auction volumes rose 25 percent from the week before to 62,826 head. That was 38 percent higher than this week last year. Feeder exports to the U.S. for the week ending Oct. 3 totalled 3,335 head, down 54 percent from the previous week and 72 percent lower than last year.
Canfax expects large seasonal auction volumes over the next couple of weeks, and at current prices there should be good buyer interest.
Bred cow and heifer prices indicated poor quality but there were sufficient volumes to quote. Bred cows were $400-$800 and the average was $79 lower than the week before. Heifers were $450 to $700, down $107.
Quality bred females will likely not hit the market until December.
Cow-calf pair prices of $550 to $850 indicate poor quality and were $25 lower.
U.S. beef edged higher
Choice cutouts in the United States rose $1.58 to close at $135.37 US and Select was up $2.76 to $131.96.
Choice cutouts are $10.24 lower than this week last year and Select cuts are $6.24 lower.
Canadian AAA cutouts the week of Oct. 9 were $3.55 Cdn lower than the previous week and were $24.15, or 14 percent lower than last year.
AA cutouts were 33 cents lower than the previous week and were down $17.24, or 11 percent from last year.
The Montreal wholesale market for delivery this week was lower at $163-$168. The Alberta live steer price as a percentage of U.S. Choice was 55.6 percent, more than one percent lower than the week before.
U.S. cattle on feed report
Cattle and calves on feed in the U.S. totalled 10.5 million head on Oct. 1, up one percent from the same time last year.
Placements during September totalled 2.39 million, up five percent from last year. Marketings during the month were 1.75 million, down four percent. Other disappearance was 47,000, down eight percent.
The on feed and placement numbers were close to analysts’ expectations.
