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 rally
The Canfax fed steer average rose $3.76 to $148.91 per hundredweight, while heifers rose $4.42 to $148.89.
Stronger Chicago cattle futures through most of the week and a modest market-ready supply in Canada supported prices.
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Dressed prices rose $5-$7 to $248-$252 delivered.
Prices were more $20 higher than the low set in September.
The cash-to-futures basis rose to +67 cents, a strong level.
Weekly western slaughter to Nov. 26 fell one percent to 30,306 head.
Weekly exports to Nov. 19 rose 12 percent to 8,033 head. The previous week was squeezed by the Remembrance Day holiday in Canada and the presidential election in the United States.
Market-ready supply should be moderate for the rest of the year.
However, packers already have much of their needs met, so the potential for further increases is limited.
In the U.S., cash cattle traded as much as US$5 higher at $114-$115.
However, at the end of the week, Chicago futures fell sharply because traders believed the stronger prices have cut packer’s processing profits. Also the trade is starting to look beyond the holiday period to consider demand and prices in January.
Cows rise
D1, D2 cows ranged $84-$95, to average $90.13 per cwt., up $5.13. D3 cows ranged $70-$85.
Rail grade cows ranged $165-$170 per cwt.
Even with the rally, cows are $11 below last year.
There is a close relationship between 85 percent trim prices and cow prices.
Trim has rallied and is now only slightly below last year. This suggests packers are seeing good value in non-fed cattle and packers are keeping slaughter volumes above year-ago levels.
Prices at the auction ring are stronger than rail bids.
Slaughter bulls averaged $100, down $3.56.
Feeders stronger
Feeder steers on average were up $2.92 per cwt., and heifers were up $1.48.
The western Canadian feeder index was the strongest since Sept. 1.
The stronger prices have caused some producers to sell cattle that would have been carried over into 2017.
Yearling trade volume, while not huge, is larger than expected.
The spread between yearling steers and heifers is narrowing. There was a sharp decline in the Chicago feeder cattle market at the end of the week, but calf and feeder cash prices held steady.
Bred cows averaged $1,675, and heifers were$1,850 with top-end sales at a high of $2,300.
Almost no bred cows were slaughter last year, and few bred heifers entered feedlots.
Older cows are going to slaughter this year, and poor quality heifers are going to feedlots.
Beef stronger
U.S. Choice cutouts were US$190.51, up $3.87, and Select was $172.93, up $2.81.
More cattle are grading Choice this year, but the Choice-Select spread is wider than it was last year, indicating strong demand for Choice products.
Weekly Canadian cutouts to Nov. 26 saw AAA at C$248.39, up $3.60, and AA was at $231.83 up 59 cents.
Rib prices were strong with the support of holiday demand.
