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 market bounces back
Alberta fed cash prices stabilized from the previous week’s sharp decline, but volume was inadequate to set an average live price.
Live bids were reported in the upper $150s to low $160s per hundredweight, up $5-$6 on the week.
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Dressed sales were reported from $269-$270 delivered, $9-$10 higher than the previous week.
Alberta fed prices have been trading at a $6-$16 premium over the Ontario market since the beginning of April, so eastern buyer interest is muted.
Most of the cattle offered are calves, but a few yearlings remain, and they might be shuffled into May contracts to meet obligations.
The few cattle marketed last week would be slaughtered before the end of the month.
Slaughter last week totalled slightly less than 37,000 head.
Carcass weights are falling now that there are more calves in the slaughter mix. Western Canadian steer carcass weights have fallen 59 pounds over the past three weeks.
The U.S. cash market also provided support to Canadian prices.
Cattle are being pulled forward, carcass weights are declining and cut-out values are strengthening.
Large slaughter volumes in the United States over the past few weeks have enhanced competition.
Dressed sales in the northern U.S. were $10 higher than the previous week, while southern regions traded $5-$6 higher on a live basis.
Nebraska cash traded at an US$11.87 premium against the June live cattle contract, the strongest basis level since May 2015.
Cows steady
D1, D2 cows ranged C$95-$108 to average $101.67 per cwt., up 58 cents. D3 cows ranged $84-$98 to average $91.08.
Dressed bids were mostly steady at around $191-$196 delivered.
Butcher bull prices fell almost $1 to average $125.68 per cwt.
Weekly western Canadian non-fed slaughter to May 7 fell 18 percent to 5,246 head.
Slaughter this year is up 13 percent. Weekly exports to April 30 rose two percent to 4,863 head.
They are down seven percent for the year.
Feeders rebound
Alberta feeder prices rebounded as the cattle complex turned cautiously optimistic.
Boxed beef surged higher to improve packer margins, and fed supplies are anticipated manageable.
Demand for feeders generally improved, but calves lighter than 500 pounds saw little price improvement.
Feeder prices rallied $5-$6 hundredweight on average. Buyers who wanted cattle to put on grass helped lift 600-800 pound feeders by $5.50-$10. It remains dry in some parts of the western Prairies, but rain improved pasture prospects in areas of Saskatchewan that were dry.
Feeders heavier than 800 pounds generally traded $6-$8 per hundredweight higher on modestly improved feeding margins for the fourth quarter.
Weekly sales volume fell 24 percent to 15,862 head. Sales are down two percent for the year.
Weekly feeder exports to April 30 totalled 8,607 head. Exports are down 49 percent for the year.
U.S. beef jumps higher
U.S. boxed beef prices improved as retailers stocked up for the Memorial Day holiday and on anticipation of better grilling weather.
Choice was US$214.46, up $10.04, and Select was $205.24, up $9.74.
U.S. weekly slaughter rose to 601,000 head, raising concern of oversupplying the market. It was the first time slaughter topped 600,000 since June 2014.
However, carcass weights fell another two pounds, partly offsetting the increased kill.
Canadian boxed beef prices for the week ending May 7 were unavailable.
