FEEDERS SLIP
The Canfax weighted average steer price was $89.38 per hundredweight for the week ending Sept. 10, down 95 cents, and heifers were $89.15, down 45 cents.
Fed cattle prices are $5 per cwt. higher than the same time last year.
Bidding was active from all domestic packers, with a small amount of interest and trade to the United States.
Sales volume was 22,080, up nine percent.
The cash to futures basis narrowed to -$10.73 from -$13.52 last week.
Steer carcass weights in Alberta for the week ending Sept. 4 were 868 pounds, seven lb. higher than a year ago. U.S. steer carcasses were 842 lb., 16 lb. lower than a year ago.
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The higher weights in Canada might draw more U.S. interest.
Feedlots are current, and domestic fed supplies are expected to remain light in September.
However, domestic packers have built up inventory and pick-up times are stretching to three to four weeks out.
COWS WEAKER
D1, D2 cows ranged from $50 to $63 and averaged $56.96 per cwt., down 65 cents.
Rail grade cows were $111-$115. Butcher bulls were $60 to $80 to average $71.98, down $1.
Canadian non-fed slaughter for the week ending Sept. 4 was 10,493 head, down slightly from 10,984 the previous week.
The non-fed market will follow its seasonal autumn downward trend, but likely at a slow pace.
FEEDERS STRONGER
Feeders rallied as tightening yearling volumes bolstered buyer interest. New calf crop volumes remain small.
Auction and electronic sale volumes were down slightly because of the holiday-shortened week.
The Canfax average steer price rose $3.53 per cwt. and heifers rose $2.11.
Quality steers 300-400 lb. rose $6.80 and 400-500 lb. steers traded $12.30 higher.
Steers 500-600 lb. rose $2.62 and 600-700 lb. edged 59 cents higher.
Steers 700-800 lb. climbed $1.42 and those heavier than 800 lb. were up 36 to 61 cents.
Heifers 300-400 lb. climbed $3.43 and 400-500 lb. rose $5.15.
Heifers 500-700 lb. climbed $1.14-$1.47 and 700-800 lb. were $2.24 higher. Those 800 lb. and heavier were $1.31 higher.
Auction volumes of 40,748 head were down nine percent from the previous week but seven percent higher than the same week last year.
Calves are expected to remain on pasture for the rest of the month and yearling volumes could tighten, supporting prices.
However, lower live cattle futures may have capped feeder prices.
CATTLE ON FEED
As of Sept. 1, 593,081 cattle were on feed in Saskatchewan and Alberta feedlots with capacity of more than 1,000 head.
That was down seven percent from a month earlier and down six percent from a year ago.
The strong fed cattle markets this summer had feedlots marketing cattle aggressively, and the good grass conditions are limiting the speed of cattle placements.
Placements in August were 142,337, down 19 percent from a year ago.
BEEF DOWN
U.S. Choice cutouts fell $2.18 to $160.73 US per cwt. and Select was down $2.46 to $154.29.This is still well above year ago levels.
Weekly Canadian slaughter to Sept. 4 was 63,063 head, up three percent.
Weekly AAA cutouts to Sept. 4 were steady at $155 Cdn while AA cutout fell $1 to $154.50.
Post Labour Day interest was disappointing as buyers waited for product to move and anticipated lower prices ahead.
The Montreal wholesale price for delivery this week was down $1 at $181-$183.
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.
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