This cattle market information is selected from the weekly report from Canfax, a division of the Canadian Cattle 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 prices rally
The market is past peak yearling numbers, and supplies will now moderate. Fed prices rallied more than $10 per hundredweight last week and are at the highest point since early October.
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Last week dressed sales were reported from $370-$378 per cwt. delivered. Cattle that traded were being scheduled for early April delivery. U.S. packer interest was noted, and negotiated cash sales to the United States were working back to the upper $230s per cwt., f.o.b. the feedlot.
Cattle marketed to the U.S. were at a sizable premium over local deals. The Alberta fed cash-to-futures basis has followed a similar pattern to a year ago. Last year, the first quarter cash-to-futures basis level averaged -$20.69 per cwt. and second quarter of the year basis averaged +$3.46. If last year is a guide, basis levels should continue to strengthen over the next two months.
Western Canadian steer carcass weights are 54 pounds heavier than last year.
Dressed sales in Ontario were reported at $400 per cwt. delivered, fully steady with last week.
Last fall the calf run started 30 to 45 days earlier than normal. Traditionally, calves don’t hit the market until May but this year fed calves could arrive in early April.
In the U.S., dressed sales in Iowa and Nebraska ranged from US$290-$295 per cwt., steady to $2 per cwt. lower than the previous week. Live sales in Texas and Kansas at $182-$183 per cwt. were mostly steady.
For the week ending Feb. 17, U.S. beef cow slaughter totalled slightly more than 65,000 head, five percent lower than last year. Year-to-date beef cow slaughter is down 13 percent compared to last year. Last week it was announced that Missouri Prime Beef Packers will close its processing plant in Pleasant Hope, Mo., due to unforeseen business circumstances. This plant can process up to 2,500 head of cattle per week.
The massive wildfire in Texas now covers more than one million acres. Some feedlots have been evacuated and cattle losses are expected to grow.
Cow prices rise
Alberta D2 and D3 cows averaged $149 and $130 per cwt., up $4.83 and $1.28 per cwt., respectively, from the previous week. Price upside continues in the upcoming weeks from a seasonality standpoint. Feeder cows were up $4.79 to $160 per cwt., closer to the five-year historical high of $163.50 per cwt. established last year.
For the week ending Feb. 24, Canadian cow slaughter totalled 9,960 head, down two percent from the same week last year. Year-to-date volumes at 84,937 head are down 9.6 percent from last year and down three percent from the five-year average.
Cows as a percentage of total federally inspected slaughter have averaged 17 percent year to date compared to 18.3 percent during the same period last year. Cow carcass weights at 790 lb. are up 52 lb. from last year and up 46 lb. from the five-year average.
Slaughter bulls averaged $157.69 per cwt., up $2.15. Bull carcass weights at 923 lb. are down 13 lb. from last year and down 40 lb. from the five-year average.
Feeder prices rise
Alberta auction volumes were 30,457 head, up 6.8 percent from last week, but were 9.8 percent below the five-year average. Year-to-date volumes at 209,637 head are down eight percent from last year after the slow start in January due to the weather.
Last week, Alberta mid-weight steers and heifers continued to rally. Alberta 500-600 lb. steers were up $14 per cwt. to $438 per cwt. and Alberta 600-700 lb. steers were up $11 to $396 per cwt.
Alberta mid-weight heifers had a similar story. Heifers in the 500-600 lb. range were up $11 to $383 per cwt. and those in the 600-700 lb. range were up $12 to $352 per cwt. The strong rally for mid-weight steers and heifers has set historical highs, supporting backgrounding margins this spring. In contrast, lightweight heifers were $2-$9 per cwt. softer this week.
For the week ending Feb. 17, feeder exports to the U.S. were 3,038 head, were up 30 percent from the previous week. Year-to-date volumes of 15,242 head remain nine percent below last year.
U.S. cutouts rise
In U.S. beef trade, Choice cutouts closed above US$300 per cwt. every day last week, averaging $304.20. Select cutouts closed at slightly more than $294 per cwt. and are at their highest point since early July last year.
