Fed market stronger
Last week’s average fed steer price was $101.20 per hundredweight, up $2.75 from the week before while heifers averaged $99.90, up $2.25, said Canfax.
About 16,500 head traded with Canadian and American plants buying.
The Canada to United States cash-to-cash basis widened slightly to $13.50 under from $12.79 under the week before.
Fed cattle exports continue to run above year-ago levels with exports two weeks ago totalling 20,765 head.
Year-to-date fed exports are up 20 percent over last year at 252,586 head.
The combination of higher U.S. fed prices and tight supplies in Canada will support the market here.
Read Also
European wheat production makes big recovery
EU crop prospects are vastly improved, which could mean fewer canola and durum imports from Canada.
A stronger Canadian dollar could limit some of the upside.
Canfax expects fed cattle offerings will remain tight into May. Producers should also expect strong demand for fed cattle and premiums for cattle that grade AAA or higher.
Beef bounced higher
U.S. cutouts ended the week slightly higher with Choice up by $2.23 US to $156.33 and Select up $2.68 to $147.24., said Canfax.
The Choice-Select spread narrowed slightly to $9.09 from $9.54 the week before.
Canadian packers are trying to keep cutouts on pace with the recent gains in the live cattle market.
Cold weather in Canada and the U.S. has delayed grilling season demand.
The Calgary wholesale price for delivery this week was $169-$170.
Quality dominates market
Feeder auction market volume was lighter because of the Good Friday holiday and 28,050 head sold, down 48 percent from the week before and 31 percent from last year, said Canfax.
Feeders were under pressure and quality was a large influence on prices.
Heavy snow in some parts of Alberta kept producers away from markets.
Steer and heifer calves 300-500 pounds were steady to $1 per cwt. lower.
Grass cattle 500-700 lb. were steady to $1.75 lower and heavy feeders 800-900 lb. and heavier were 25 cents-$1.50 lower.
In the week ending March 31, 9,157 feeder cattle were exported.
Butcher cows were steady to 75 cents higher and butcher bulls were $1.25 higher, said Canfax.
Volumes are expected to decline, but not as much as last week. Prices will continue to be tied to quality.
Feeder prices may trade sideways to higher this week, with stronger fed cattle trade and continued U.S. interest supporting the market.
In stock cow trade, cow-calf pairs were $900-$1,150, with tops to $1,300 and plain types $650-$850.
Bred cows were mostly $750-$1,000 and plain types $450-$700. Bred heifers were $450-$850.
Hogs edge higher
Strong packer demand pushed U.S. hog prices higher last week.
Packer activity is expected to remain high this week.
Market-ready hog supplies normally tighten this time of year and that should support prices.
Iowa-southern Minnesota hogs traded April 5 at about $46 US per cwt., up from $45-$45.50 on March 30.
The U.S. composite pork carcass cut-out value was $65.24 April 5, up from $64.41 March 30.
