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.
Fed cattle firm
Fed steers averaged $167.38 per hundredweight, and heifers averaged $164.73.
A strong Canadian dollar dampened U.S. buyer interest, but local competition developed with light dressed trade at $280-$282, steady to $4 per cwt. higher than the week before.
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Fed calves were on offer with some scheduled for slaughter at the end of the month.
The weekly cash-to-futures basis narrowed more than $5 to a seasonally strong -$1.95.
Weekly western Canadian slaughter to April 9 rose nine percent to 30,429 head.
Exports to the U.S. appear to have seasonally peaked.
Movement south was down 28 percent in the week to April 2 at 5,720 head.
But so far this year exports are up 26 percent at 83,432 head.
In the U.S. dressed sales in the North were US $214-$216, steady to $1 higher. As American supply seasonally tightens it should lift the U.S. cash market and lead the futures market higher.
If the Canadian dollar remains stronger and the fed basis stays narrow, it might discourage U.S. buying interest but Alberta cattle feeders should gain some local market leverage.
Cows steady
Western Canadian cow slaughter totalled 5,072 head, the smallest volume this year.
Cows were mostly steady with D1, D2 ranging $95-$108 to average $102. D3 cows ranged $80-$97, to average $87.50.
Some cows have stayed on feed longer than they normally would, leading to a 73 percent increase in the number of cows grading D4.
Slaughter bulls were $130.63 up 71 cents.
Feeders start stablizing
Heavier feeders continued under pressure, down $1-$2 per cwt., while calves and light stockers were stable. On April 8 the western Canadian feeder index fell to $189.13 per cwt., the lowest close since April 2014.
With calving underway, operations have been looking to free up pen space.
Also, many producers are making final their breeding stock programs leading to a surge of heifer culls in the past few weeks.
Reflecting the larger heifer marketings and the fact that heifer exports are not as strong as last year, Alberta average heifers are trading $88 lower year over year while steers are down $85.
U.S. interest in western Canadian feeders in the first quarter is down with exports off 95,000 compared to last year.
Grass buyers remain disciplined, and prices have slipped enough that terminal lots have been a little bit more active on 600-750 lb. feeders.
U.S. beef rises
U.S boxed beef prices rebounded sharply with Choice up US$9.69 at $224.43 per cwt. and Select up $8.92 at $214.83.
Demand was fairly good throughout the week while offerings trended from heavy to moderate.
Weekly Canadian cutout values to April 9 saw AAA down C$2.43 at $281.32 and AA down $1.09 at $273.53.
