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 prices have declined for five straight weeks and over that time have dropped by $12.50 per hundredweight. After trading cattle at or slightly above break-even levels in May and June, feedlot margins have turned negative again.
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Last week dressed sales ranged from $253-$257 per cwt. delivered ,and cattle were being scheduled for the week of Aug. 9 delivery. After trading at an $18-$19 per cwt. premium in late May and early June, Alberta fed prices have moved to a $3 per cwt. discount to the U.S. market.
Western Canadian fed slaughter for the week ending July 10 totalled 48,662 head, the largest seen this year. From their lows in June, steer carcass weights have increased by 30 pounds.
In Ontario, dressed sales were reported at mostly $263 per cwt. delivered, $7 per cwt. lower than the previous week. Cattle were being scheduled for the week of Aug. 2 delivery. The Ontario cash-to-futures basis was reported at +$5.40 compared to +$12.89 per cwt. last year.
Feedlots are in a tough spot. Fed prices are under pressure and barley prices continue to rally, setting new highs. Late last week spot barley prices were reported up to $400 per tonne, or $8.70 per bushel, delivered to southern Alberta.
In the U.S. fed cattle market, dressed sales in Iowa and Nebraska ranged from US$196-$201 per cwt. and live sales in Nebraska were reported from $123-$125 per cwt. The all-fresh beef retail price for June was reported at $7.11 per lb., four percent lower than last year. It is the second strongest retail price in history.
The cattle complex is not in a full-blown weather market yet, but dismal pasture and forage conditions in Western Canada are driving more volume in all types of cattle to market. Alberta slaughter cows at auction were pressured more than $4 per cwt. lower than the previous week and dressed cow bids were slammed $10 per cwt. lower to around $165-$170 per cwt. delivered.
Alberta D2 cow prices last week were more than $12.50 per cwt. lower than annual highs seen five weeks ago, at $90.50 per cwt., but were still the strongest in North America by a small margin. D3s averaged $80 per cwt. last week. Butcher bull prices averaged $114.92 per cwt.
Western Canadian non-fed slaughter for the week ending July 10 was four percent larger than the previous week at 5,650 head and year to date was nine percent larger, totalling 185,450 head. Increased volume of pairs was observed at auction, and offerings are expected to ramp up if dry conditions persist.
Calf and feeder prices realigned $2-$3 per cwt. higher last week despite a seasonally large offering. Auction volumes through July are usually light, but increased moisture and pasture concerns have flushed cow-calf pairs and grass cattle to auction early.
Calf lot size and quality have improved prematurely as more pairs come to town and good quality calves are being sorted off. Larger 500-700 lb. calves traded unevenly $1.50-$6.50 per cwt. higher than the previous week. Large feeders heavier than 800 lb. to place against the first quarter 2022 fed market saw prices generally $3.50-$5.25 per cwt. stronger.
Forward fall delivery calf prices were generally $5-$10 per cwt. lower than the previous week.
The recent flush of quality calves and feeders in Alberta are trading at a significant premium to Ontario, where moisture conditions are better.
Auction volumes urged significantly larger than the previous week and the same week last year to 19,976 head. Canadian feeder exports to the U.S. for the week ending July 3 were seasonally light at 1,198 head and year to date were 34 percent lower than last year at 47,647 head.
A flush of cow-calf pairs is expected to hit auctions across Western Canada this week as calves get old enough to wean and grass cattle are marketed ahead of schedule.
In U.S. beef trade, cut-out values continued to track lower last week on seasonally soft summer demand and ample offerings. Choice averaged US$269.87 and Select averaged $252.48 per cwt. Total U.S. slaughter last week was estimated 14 percent larger than the previous week at 653,000 head and one percent lower than year ago.
