Last week’s small cash offering was cleaned up as trade was reported over Wednesday and Thursday. The Canfax average steer price closed last week fully steady, but remains $10.00/cwt higher than the same week last year. Almost exclusive dressed trade was reported last week with sales ranging from $201.00-202.00/cwt delivered. Total sale volumes totaled 16,351, up 55% from the previous week. The Alberta fed cash to futures basis strengthened to close the week at -4.74. Canadian fed exports to the US for the week ending July 20th totaled 3,234 and were down 35% from the same week last year.

Good demand fueled feeder prices higher last week. Auction volumes have bottomed and as yearlings coming off grass will seasonally trend larger. Canfax weighted average feeder steer prices for last week were $0.89/cwt higher than the previous week and average feeder heifer prices were $1.42/cwt higher. Total weekly auction volumes were 43% larger than the previous week. YTD auction volumes are 6% larger. Canadian feeder exports to the US for the week ending July 20th were at 2,277 head. YTD feeder exports for the same week were 63% larger than last year.

Good summer grind demand firmed slaughter cow prices this week. Rail cow prices firmed $1.00 higher last week and butcher bull prices eased lower to average $88.57/cwt. Western Canadian non-fed slaughter for the week ending July 27th totaled 5,730, down 21% compared to the previous week. YTD Western non-fed slaughter for the same week totaled 194,791 head. Canadian non-fed exports to the US for the week ending July 20th were 24% smaller than the previous week at 4,631 head.

Bull

  • Current feedlot supply continue price supportive
  • Packer inventories have moderated
  • Lower new crop feed grain prices should improve feeding margins

Bear

  • Market ready supplies should increase moving forward
  • Local packer margins are in the red
  • Beef demand has seasonally softened

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