Fed cattle rise
The cattle futures market rose last week, partly supported by the U.S. Department of Agriculture cattle on feed report that said on-feed numbers are the lowest in six years. More support came from the equities market that rallied strongly on U.S. and China stimulus packages and hopes the new U.S. president’s economic team will implement policies to kick start the economy.
The Canadian dollar rose, reducing the market’s gains here, but average fed prices rose $1-$1.50 per hundredweight, said Canfax.
Read Also
China’s grain imports have slumped big-time
China purchased just over 20 million tonnes of wheat, corn, barley and sorghum last year, that is well below the 60 million tonnes purchased in 2021-22.
Fed steers traded $94.25-$95.25 per cwt. live with an average of $94.97 and $157.85-$160.30 on the rail. Fed heifers were $94.25-$95.35 live with an average of $94.83 and $157.50-$160.30 on the rail.
About 16,000 head sold, down eight percent from the week before.
The basis narrowed to $15.13 under compared to $21.22 under the week before.
Fed cattle exports rose 14 percent to 11,451 head. That was 41 percent less than last year.
Market-ready numbers should decline into December and that should keep prices steady so long as the wider economy and currency rates hold no new surprises, Canfax said.
D1, 2 cow prices in Alberta were $33-$47.75 per cwt. with an average of $39.21, down $1.53 from the week before. Butcher bulls were $42-$62.50, and averaged $52.53, steady with the week before.
Exports of slaughter cows and bulls totalled 5,929 head.
Canfax said cows will likely trade lower as the fall run increases. Butcher bull trade will likely hold firm.
Quality dominates feeders
Alberta auction volume dropped one percent to 70,224 head. That was up 20 percent from a year ago when 58,477 head were marketed.
Prices fell last week, Canfax said. Quality was a deciding factor in prices. Age verification was also important. Plain cattle are being discounted.
Yearling steers fell with 800-900 pound and heavier steers $1.39-$2.48 per cwt. lower.
Yearling heifers 800-900 lb. and heavier were $1.29-$1.53 lower.
Steer calves 300-400 lb. were steady, while heifers 300-400 lb. were 61 cents lower. Overall, steers averaged $1.54 lower than the week before and heifers were $1.61 lower, Canfax said.
Exports of feeder cattle totalled 7,050 head two weeks ago, down from 7,938 the week before and down from 13,346 last year.
Canfax said auction market volumes are expected to decline as Christmas approaches. Trade will continue to be based on quality.
Good packages of calves and yearlings should sell well. Prices will likely be steady to softer this week.
Many dispersals have resulted in large volumes of available bred cows. Trade has been scattered with most cattle being second, third or fourth calvers. Anything that is poor quality, old or has bad udders is being sold for butchering. Breeding and quality will influence prices.
Bred cows were $500-$975. Bred heifers were $825-$920 and cow-calf pairs were $550-$700.
Beef mixed
U.S. Choice cutouts fell $5.40 US from the week before with the Choice-Select spread narrowing to $10.36 from $11.64 the prior week. U.S. Thanksgiving reduced beef movement.
In Canada AAA cut-out value rose $3.97 Cdn.
Wholesale prices for delivery this week were steady at $162-$164 in Calgary and $169 in Montreal. Byproduct values fell with slow demand for hides and tallow.
Hog values rise
U.S. cash hog prices rose as market-ready numbers tightened and packers tried to coax deliveries from producers during the holiday-shortened week.
Iowa-southern Minnesota cash hogs Nov. 28 were $41-$41.50 US per cwt., up from $37-$38 the week before.
Pork prices also rose. The U.S. pork carcass cut-out value was $58.48 Nov. 28, up from $56.49 the week before.
U.S. federal slaughter to Nov. 29 was estimated at 2.067 million, down from 2.361 million the week before and 2.381 million the year before.
Bison
The bison report was not available.
Lamb price firms
Beaver Hill Auction in Tofield, Alta., reported 859 sheep and lambs and 32 goats traded Nov. 24.
Lambs were steady to higher. Ewes were $10 higher.
Lambs lighter than 70 lb. were $100-$133 per cwt. Lambs 70 to 85 lb. were $116-$132, 86 to 105 lb. were $112-$119, and those heavier than 105 lb. were $110-$114.
Rams were $38-$55 per cwt. Ewes were $35-$58 per cwt.
Good kid goats were $150-$181.50. Nannies were $60-$72 per cwt. and mature billies were $80-$155.
Ontario Stockyards reported 1,965 sheep and lambs and 194 goats traded Nov. 24. Well fed lambs fetched a premium while other classes were steady. Good sheep were barely steady and thin types were under pressure. Goats were firm.
