Cash cattle that sold for one to two week delivery traded steady to $1.00 lower than the previous week. Forward priced sales were also reported for mid-July at $198.00/cwt delivered. The Canfax average steer and heifer prices closed the week at $119.50/cwt and $117.25/cwt respectively. Last week marked the eighth consecutive week where weighted average steer prices have held above $119.00/cwt. Accumulated sale volumes totaled 14,300. Last week’s Alberta fed cash to futures basis weakened to close at -4.67. Canadian fed exports to the US for the week ending June 8 totaled 5,964 head.
The Canfax average steer price closed the week $0.38 higher while heifers trended sideways. Calves and light weight stockers traded steady to $1.50/cwt lower while steers and heifers over 700 lbs were reported $0.50-3.00 stronger. The western Canadian calf index closed the week lower at $140.99/cwt. Alberta auction volumes totaled 11,500. Canadian feeder exports to the US for the week ending June 8 totaled 3,718 head.
D1, D2 cows traded $1.25 higher and live trade was reported from $70.00-83.00/cwt. Last week D3 cows averaged $67.00/cwt. Rail bids were reported mostly steady. Last week butcher bulls strengthened $1.00 to average $85.75/cwt. Canadian non-fed exports to the US for the week ending June 8 totaled 6,752 head. YTD exports are up 100% from last year.
- The Canadian dollar closed below $0.9600
- Carry over fed volumes heading into July will not be an issue
- Western Canadian steer carcasses have trended lower for the past month
- Investors could view USDA’s June 1st cattle on feed report as slightly bearish
- At current beef cutout prices, retail resistance has been noted on Choice middles
- North American feeding margins remain negative
For more detailed information on markets this week please visit the Canfax website www.canfax.ca.