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.
New records reached
In light cash trade, the steer price average reached new record highs at $124.63 per hundredweight, up about $1 and heifers were $123.71, up 25 cents.
Most of the trade was dressed, with rail asking prices at about $212 per cwt. delivered.
Weekly sales volume rose four percent to 8,403 head, but the total was still small, down 46 percent from last year. There was light to moderate carryover.
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The Alberta cash-to-futures basis narrowed $3.38 to -$13.05.
Weekly Western Canadian fed slaughter to Nov. 2 rose 22 percent to 33,983 head.
Weekly fed cattle exports to Oct. 26 fell 39 percent to 5,082 head.
In coming weeks, fed supplies should tighten and more cattle are expected to be marketed on a cash basis. Holiday demand for middle beef cuts should improve, supporting fed prices.
Cows down
Following seasonal trends, non-fed supplies increased, pressuring cow prices down.
D1, D2 cows ranged $68-$77 to average $72.40 per cwt. D3s ranged $60-$71 to average $65.
Railgrade prices ranged $136-$142 per cwt. Prices are likely near seasonal lows, but rallies in the next few weeks are unlikely.
Large bred cow offerings are reported in Alberta and Saskatchewan and so far prices are not robust. Some of these cows will likely wind up being sold for slaughter.
Feeder volumes large
Alberta auction volumes topped 75,000 head for the third consecutive week. Saskatchewan and Manitoba auctions saw the largest volumes of the year.
Some feedlots are at capacity and fed cattle need to be shipped before more calves can be placed.
With large volumes traded on the cash market and buyers also taking delivery of November feeder contracts, trucks are becoming an issue.
Logistical concerns have slowed eastern buying interest in Alberta and Saskatchewan markets.
If selling via private treaty or electronic sales, it might be a good idea to push the delivery date two to three weeks out to get past these heavy numbers.
Premiums should develop for preconditioned calves. Ample feeder supplies have allowed buyers to be selective.
Preconditioning helps to attract interest. Also, health and feeding program information, or offering services such as the option to background or deliver might catch buyer attention.
By the end of the week, the calf market looked stronger with improved demand for 600-700 pound steers.
Beef prices strong
U.S. boxed beef prices were mixed with Choice down $1.18 at $203.99 per cwt. and Select up nine cents at $190.17.
Beef movement has been slow.
With U.S. Thanksgiving and Christmas around the corner demand for turkey, ham and prime rib should be strong.
Weekly Canadian cutouts to Nov. 1 rose $3.40-$3.82 per cwt. with AAA at $198.73 and AA at $189.71.
The Montreal wholesale price for delivery this week was steady at $225-$226.
