Moderate trade on Wednesday saw live prices ease $2.00/cwt lower than the previous week and dressed trade was reported $3.00-4.00/cwt lower. Last week’s Alberta fed steer weighted average slid $1.77/cwt lower than the previous week and the heifer average eased moderately $0.86/cwt lower. The Alberta cash to futures basis widened slightly to -1.76 but seasonally remained very strong. Reported sale volumes were 10% larger than the previous week. Western Canadian fed slaughter for the week ending June 8th was 4% lower than the previous week and YTD volume was down 10% compared to the same week last year. Canadian fed cattle exports to the US for the short Memorial Day week ending June 1st were 21% smaller than the previous week. YTD fed export volumes for the same week totaled 193,783.
Last week feeder prices were reported lower but strength was noted by mid-week. The Canfax average feeder steer and heifer price eased almost $1.00/cwt lower than the previous week. The western Canadian feeder index closed the week at $135.11/cwt, $4.75 higher than the previous week. Alberta auction volumes totaled 15,583 head. Canadian feeder exports to the US for the week ending May 25th totaled 3,017.
Slaughter cow prices generally trended $3.00/cwt lower than the previous week. D1,2 cow prices ranged from $68.00-80.00/cwt. Butcher bull prices slipped $2.50 lower to average $84.83/cwt. Canadian non-fed exports to the US for the week ending June 1st totaled 6,433 head.
- Local market ready supplies remain current
- Alberta all class carcass weights have trended lower for 9 straight weeks and are the lowest since July 2011
- Monday fundamentals started the week on a positive note
- Local packers are in the red and will venture to turn margins around
- Weather is constraining upside grilling demand
- The Canadian dollar continues globally attractive
For more detailed information on markets this week please visit the Canfax website www.canfax.ca.