Weekly fed prices are now at the lowest level of this year and have not been reported below $109.00/cwt since October 2011. The Canfax weighted average steer price closed at $108.36/cwt last week and fed heifers averaged $108.27/cwt. Light trade was observed on Wednesday and Thursday but many producers opted to pass cattle and carry them into next week. Accumulated sale volumes totaled 13,699, down 17% from the previous week. Canadian fed exports to the US for the week ending June 16th were down 3% from the previous week.
Feeder prices were mixed last week with steers easing $0.20/cwt lower and heifer prices firming $1.00/cwt higher. The Western Canadian feeder index eased $2.12 lower last week. Auction volumes last week were at 14,428 head. Canadian feeder exports to the US for the week ending June 16th were 25% smaller than the previous week.
Slaughter cow prices generally traded $0.35/cwt lower than the previous week. Dressed prices held mostly steady ranging from $148.00-154.00/cwt. Butcher bulls slipped $1.00 last week to average $97.82/cwt. Western Canadian non-fed slaughter for the week ending June 23rd was down 10% from the previous week and YTD was 9% lower. Canadian non-fed exports to the US for the week ending June 16th were at 5,169 head.
• Packer interest from the US was supportive last week
• Local fed supplies should remain manageable
• Strong pork cutout should be supportive
• Beef demand following the July 1st and 4th holiday remains uncertain
• Alberta fed cash to futures basis has been on a weakening trend
• Strengthening corn futures have pushed barley prices higher
For more detailed information on markets this week please visit the Canfax website www.canfax.ca.