Fed prices crept higher following three consecutive weeks of softer prices. The Canfax average steer and heifer price closed the week at $113.75/cwt and $113.00/cwt respectively, up $0.50 from the previous week. The bulk of the dressed trade was reported at 191.00-192.00/cwt delivered. US packer interest in the cash market was quite limited. Light carry over volumes will be added to the next showlist. Accumulated sale volumes totaled 8,100. Last week’s cash to futures basis weakened 0.14 to close the week at -15.89. Canadian fed exports to the US for the week ending March 16th totaled 12,309 head.
Improved demand was noted late in the week which did encourage price stability. The Canfax average steer price was $0.64 lower while heifers eased $0.32. 3-500lb calves traded $0.50-1.75 lower than the previous week while mid-weight feeders traded fully steady. The western Canadian feeder index closed the week at $126.00/cwt, up $0.37. Last week’s early report close saw a four day market volume of 15,600 head. Canadian feeder exports to the US for the week ending March 16th totaled 7,733 head.
D1, D2 cows strengthened $1.30 and live trade was reported from $72.00-83.00/cwt. Last week D3 cows averaged $69.50/cwt, up $0.70 from the previous week. Rail bids were reported fully steady. The Canfax average bull price closed the week $0.57 higher and live trade was reported from $80.00-100.00/cwt. Canadian non-fed exports to the US for the week ending March 16th totaled 7,391 head.
Locally, market ready supplies are anticipated to moderate heading into April
Dressed sales in the Northern US were reported $5.00-7.00 higher than the previous week
Alberta fed cash to future basis should seasonally strengthen
Ample frozen beef stocks for the month of February have been reported
Canadian cutout values remain at a discount to the US
US packer interest in the cash market has been lacking
For more detailed information on markets this week please visit the Canfax website www.canfax.ca.