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.
Feeders rise
The market remained disappointing last week, partly because of weaker than expected beef demand, but prices rose.
Fed steers averaged $113.86 per hundredweight, up $1.16, and heifers were $114.32, up $2.15.
Long fed yearling heifers commanded a premium and traded $2 higher.
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Most dressed sales were at $193 per cwt. delivered, with no weight breaks.
After the week’s statistics were assembled, a handful of rail steers traded 50 cents higher as buyers topped up inventory.
The Alberta cash to futures basis widened by almost $2 to -$16.58.
Weekly sales volume was 9,310 head, down 11 percent and significantly smaller than last year.
This decline can be attributed to fewer cattle on feed and steady exports to the United States this year.
Weekly Canadian fed slaughter to April 13 totalled 31,978 head, down eight percent.
Weekly fed exports to April 6 fell 21 percent to 10,310 head.
Captive packer inventories have lightened a little, and feedlot supplies are anticipated to remain manageable.
Cow prices strong
The non-fed market is seasonally rising. Butcher cows are now trading at the highest level since August 2012.
D1, D2 cows ranged $73-$86 to average $79.79. D3 cows ranged $65-$77 to average $71.74.
Western Canadian D1, D2 cows have traded at a $5-$10 per cwt. premium over eastern Canadian prices over the past four weeks.
Rail grade cows ranged $150-$155.
Non-fed exports to April 6 totalled 6,639, down five percent.
Export interest should hold firm, but western Canadian D1, D2 cows are nearing a premium to U.S. prices.
Non-fed volumes should remain moderate, but cool weather across much of the Prairies could result in a flush of calving culls.
Feeders down
Average feeder prices are now at their lowest level this year, with the exception of 500-700 pound steers.
Two-tier pricing has become more evident. Benchmark groups of first-cut and one-owner steers and heifers are selling at a sizeable premium compared to clean-up pens.
The calf market was lightly tested, and the inability to assemble uniform load lots pressured prices.
Feeders 800 lb. and heavier have traded $5-$8 lower over the past seven weeks and are now trading at the lowest value since July 2011.
Alberta auction volumes totalled 27,515, down 15 percent from the previous week.
Feeder exports to April 6 totalled 7,932, up six percent from the previous week.
Demand for grass cattle should firm with premiums built into the deferred feeder contract months.
Demand for replacement heifers is improving and market premiums are reported, even though it is becoming more of a specialty market.
Beef price up
U.S. beef cutout rose with Choice at $190.79 US per cwt., up 64 cents, and Select at $184.25, up 26 cents from the previous week.
There were signs that demand for grilling is finally picking up.
Canadian cut-out values were unavailable.
Montreal wholesale prices strengthened $2 in April to $218-219 Cdn.
U.S. cattle on feed
The U.S. Department of Agriculture’s cattle on feed report surprised traders with placements in March at 1.899 million, up six percent from last year at the same time.
Traders had expected a drop of 1.5 percent.
The total number on feed April 1 was 10.909 million, down five percent from last year. Analysts had expected a drop of six percent.
Marketing in March were 1.771 million, down eight percent versus a forecast of 6.4 percent.
