Canada cattle report: Sales volumes drop 19%

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Light trade was reported by Wednesday afternoon with local sales generally $1.00 higher than the previous week. Moderate clean up trade carried into Thursday afternoon with bids static despite a technical surge. The Canfax weighted average steer and heifer prices were up, and averaged around $112/cwt and $111/cwt respectively. Sales volumes this week totaled 20,900, down 19% from the previous week. USDA reported Canadian fed exports to the US for the week ending May 5th totaled 6,700 down 28% from the previous week.

Feeder cattle at auction saw increased stability this week and prices generally firming $0.36/cwt higher than the previous week. Auction volumes last week were 10% smaller than the previous week at 18,080 head. YTD auction volumes were 15% lower than the same week last year. USDA reported Canadian feeder exports to the US for the week ending May 5th of 4,503 head.

D1,D2 slaughter cow prices firmed almost $1.00/cwt higher last week and D3 cows traded over $1.50/cwt higher. Butcher bull prices were up $0.29/cwt last week for an average price of $90.56/cwt. Canadian non-fed exports to the US for the week May 5th were at 3,807 head

Bull factors

• Cutout values are proving resilient
• US May 1st cattle on feed report was bullish
• Cattle futures are breaking through overhead resistance

Bear factors

• Formula priced marketing volumes are large
• US packers interest North could soften
• Local carcass weights may have bottomed and will trend larger

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