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 weaken
Cattle prices fell last week as the needs for Labour Day were met and expectations build that beef will be hard to move in September at current high prices.
Pork prices are falling as producers cull herds to avoid high feed costs. Beef faces strong competition at the meat counter.
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There is speculation among U.S. market watchers that there could be a sharp price fall like that seen in July following the June rally.
Fed steers in Canada last week averaged $111.22 per hundredweight, down $1.43 and heifers $110.89, up 37 cents.
Dressed sales were $185-$187 per cwt. delivered, down $1-$3 per cwt. from the previous week.
However, prices remain about $4 stronger than last year at this time.
The weaker market caused feedlots to hold back a portion of their intended offering. There were no sales to the U.S., but American buying interest was observed with bids comparable with local trade.
The weekly sale volume was 18,062, up one percent from the previous week. The Alberta fed cash-to-futures basis narrowed 18 cents to close at -$7.93, but basis levels in September have a strong tendency to weaken. The five-year average is -$13.40 for September.
Weekly fed exports to Aug.11 totalled 1,206. That was the lowest export volume since July 2005.
Weekly western Canadian slaughter to Aug. 18 totalled 38,270 head.
Cows mostly steady
D1, D2 cows ranged $73-$85 per cwt. to average $79.42, down only 16 cents from the previous week. D3s ranged $65-$76 to average $70.88.
Dressed prices were steady, ranging between $150-$155 per cwt.
Butcher bulls fell 50 cents to average $92.75 per cwt.
Weekly western Canadian non-fed slaughter to Aug. 18 fell eight percent to 3,890 head.
Weekly non-fed exports to Aug. 11 were 22 percent lower than the previous week at 3,378 head.
Feeder prices rise
Feeder prices rose $1.50-$3 per cwt. in light trade.
Pasture conditions are holding up and are slowing yearling marketings. Harvest has distracted farmers from the cattle markets.
Good demand for 400-600 pound feeder steers pushed up prices $6 and 400-500 lb. heifers rose $4.
Feeders 600-700 lb. fell 50 cents-$1 while steers heavier than 700 lb. rose $2-$3.
Heifers heavier than 900 lb. rose $3.
Auction volume of 15,892 head was 50 percent smaller than the weekly historic average.
Weekly feeder exports to Aug. 11 rose three percent.
Varied pasture conditions, cash flows and backgrounding strategies should moderate supplies in the coming weeks.
Direct feeder sales may also reduce auction volume.
Beef prices peaking?
U.S. Choice cutouts rose to $193.83 per cwt., up $2.35, and Select was $184.93, up 53 cents. Market watchers expect beef prices to fall in September.
The Montreal wholesale price for delivery this week rose $1 to $211-$213. Canadian cut-out values to Aug. 17 were unavailable.
