The Canfax average steer and heifer prices closed the week at $112.00/cwt and $110.50/cwt respectively, up $1.50-2.00/cwt from the previous week. Bids did strengthen throughout the course of the week, but the majority of the dressed trade was reported at $187.00 delivered. Last week showlist volumes were the largest reported this year. Showlist volumes were inflated by large captive supplies, and as producers listed cattle on speculation of the stronger prices. With the Canadian dollar trading above parity, US packer inquiries were generally light last week. Accumulated sale volumes totaled 19,200. Canadian fed cattle exports for the week ending July 28th totaled 5,385.

The Canfax average steer price was $0.49/cwt higher while heifers strengthened $0.47/cwt. 600-800 lb steers eased $0.25-0.50/cwt lower while larger feeders over 800 lbs saw good demand and prices generally $1.00-1.50/cwt higher than the previous week. 4-600lb heifers traded fully steady. Alberta auction volumes totaled just over 5,000 head last week which is the second lowest reported volume this year. Canadian feeder exports to the US for the week ending July 28th totaled 589.

Last week D1, D2 cows traded fully steady with live trade reported from $74.00-85.00/cwt. D3 cows averaged $70.10/cwt, down $0.15/cwt from the previous week. Reported rail bids were generally $1.00/cwt higher than the previous week. Butcher bulls traded $0.50/cwt lower to average $93.44/cwt. Canadian non-fed exports for the week ending July 28th totaled 3,438.

Bull factors

• Alberta/Saskatchewan showlist volumes have likely peaked for August
• Alberta/Saskatchewan August 1st cattle on feed is reported 6% lower than the same time last year
• US prices appear to be trending higher

Bear factors

• Processing margins have turned negative
• Live cattle and beef exports could slow with the Canadian dollar trading above parity
• Carcass weights remain seasonally large

For more detailed information on markets this week please visit the Canfax website www.canfax.ca.