The beef marketing chain remains stagnant with Canadian cattle inventories comfortably long bought by packers on both sides of the border. Dressed sales from $191.00-193.00/cwt delivered were $2.00-3.00/cwt lower than the previous week and weighted average prices were generally $2.00/cwt lower. Sale volumes of 12,343 head were 26% larger than the previous week. The Alberta cash to futures basis continued to widen to -18.65 last week. Canadian fed exports to the US for the week ending February 23rd totaled 8,042 head.
Last week the Canfax average steer price was $0.50 higher while heifers strengthened $0.25. The western Canadian calf index price advanced over the course of the week, despite weights creeping higher. Last week Alberta auction volumes totaled 38,500. Canadian feeder exports to the US for the week ending February 23rd totaled over 6,100 head.
Butcher cows traded generally $1.00/cwt stronger last week and rail bids were reported fully steady. Since the beginning of the year, butcher bull prices have strengthened 12%. Canadian non-fed exports to the US for the week ending February 23rd totaled 8,083 head.
Select cutouts are record high
Significant volumes of feeders, fed and non-fed cattle are being exported south
Canadian dollar continues moderate
The fed basis is seasonally very weak
Feedlot inventories are trending less current
Needed beef price hikes are expected to face resistance at retail
For more detailed information on markets this week please visit the Canfax website www.canfax.ca.