For the week ending Aug. 23, western Canadian feeder cattle markets traded $5 to $10 higher on average compared to seven days earlier. In some locations such as Lethbridge, larger packages of quality yearlings traded $10 to as much as $20 per hundredweight higher.
Many auction barns held feature yearling sales over the past week, and there was no shortage of buying interest.
Lethbridge area feedlots were aggressively bidding on local cattle. Ontario demand was evident across the Prairies with orders stretching into northern Alberta.
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North of Red Deer, the TEAM market report had medium to larger frame black Angus yearling steers averaging 1,050 pounds off grass with full processing data valued at $430.50 per cwt. f.o.b. ranch. The VJV Ponoka fall video sale had Charolais cross yearling heifers weighing 1,040 pounds off pasture trading for $415 per cwt. f.o.b. ranch near Ponoka, Alta.
For Sept. 15-19 delivery, the TEAM market report had medium to larger frame black and red steers off native pasture averaging 1,000 lb. with full processing records and very light butter priced at $446 per cwt. near the Cypress Hills in Saskatchewan.
A rancher 200 kilometres north of Saskatoon reported that a larger group of mixed “run-of-the-mill” steers with full processing and shots, off grass set at 915 lb., traded for $481 per cwt. f.o.b. ranch for second week September delivery.
The Perlich Bros Auction video sale market report stated that 70 Angus cross steers weighing slightly less than 900 pounds off grass traded for $484 per cwt. f.o.b. ranch in southern Alberta. At the same sale, a large package of Angus cross grass fed yearling heifers weighing 883 lb. were last bid at $451 per cwt. f.o.b. ranch for immediate delivery.
At the St Rose Auction Market ring sale, a smaller group of Simmental cross steers off grass averaging 818 lb. reportedly sold for $492 per cwt.
The TEAM auction market report had black and red heifers evaluated at 810 lb. off pasture and mineral with full health data settling at $473.50 per cwt. f.o.b. ranch near Steinbach, Man.
At the Perlich Bros Auction ring sale, a smaller package of black Angus yearling steers weighing a shade less than 800 lb. were last bid at $529 per cwt.
The VJV Ponoka fall direct video sale had a package of 90 steer calves blended with Charolais, Simmental and a touch of Angus genetics evaluated at 650 lb. trading for $579 per cwt. f.o.b. ranch approximately 200 km north of Edmonton.
The same market report had a pen-sized group of Angus, Simmental and Limousine cross steers averaging 525 lb. setting the bar at $671 per cwt.
Alberta packers were buying fed cattle on a dressed basis in the range of $505-$510 per cwt., steady to $5 per cwt. higher than a week earlier. Using a 60 per cent grading, this equates to a live price of $303-$306 per cwt.
Current break-even pen close-outs values are in the range of $280-$286 per cwt. Feedlot margins are in the range of $300-$400 per head, which has contributed to the stronger feeder market.
Feed barley prices in Lethbridge have dropped $10 per tonne over the past week, and there is potential for further downside of $30-$40 per tonne.
Cattle on feed 180 days or more in Alberta and Saskatchewan as of Aug. 1 were 203,285 head, up 16 per cent, or 27,682 head, from Aug. 1, 2024.
The year-over-year increase in market-ready cattle has weighed on the Alberta fed cattle basis. The burdensome supply situation will likely be cleaned up over the next month.
The Canadian September slaughter is expected to be up 40,000 head over last year.
The Alberta fed cattle basis is expected to strengthen later in the fall.
Feedlot margins will remain in positive territory through November, which will be supportive for the feeder cattle market.
