Canada cattle report: Canadian steers, heifers trade lower

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Large captive supplies reported last week resulted in limited cash leverage. Exclusive heifer trade was reported last week and sale volumes were generally light. The Canfax average heifer price closed the week at $113.25/cwt, fully steady with the previous week. The bulk of dressed trade was reported at $190.00-192.00/cwt delivered. Moderate carryover volumes will be added to next week’s showlist, accumulated sale volumes totaled 11,900. Canadian fed exports to the US for the week ending March 2nd totaled 8,816 head.

The Canfax average steer price was $1.67 lower while heifers eased $1.38. Light weight stockers from 3-500lbs traded $2.00-5.00 lower. Steers and heifers weighing over 800lbs were reported $1.00-1.50 lower. The western Canadian feeder index closed the week at $129.68/cwt, down $0.89. Alberta auction volumes totaled 44,200 head. Moving forward auction volumes are anticipated to seasonally trend lower. Canadian feeder exports to the US for the week ending March 2nd totaled 11,378 head.

D1, D2 cows strengthened $0.75 and live trade was reported from $70.00-82.00/cwt. D3 cows averaged $67.90/cwt, up $1.75 from the previous week. Rail bids were reported $1.00 stronger. Butcher bulls strengthened $2.50 and live trade was reported from $80.00-99.00/cwt. Canadian non-fed exports to the US for the week ending March 2nd totaled 8,043 head.

Bull factors

  • Select cutout values establish a new historical high last week

  • With grilling season just around the corner retail beef demand should pick up

  • Alberta/Saskatchewan showlist volumes have likely peaked for the month of March

Bear factors

  • US packer interest in the cash market has been limited despite weak basis levels

  • Weakness in the pork complex will ultimately limit the upside of the beef market

  • Strength in the corn market will continue to stress feeding margins

For more detailed information on markets this week please visit the Canfax website

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