Canfax Weekly Article | Report for the week of April 1, 2024

In Alberta last week, weighted average fed steer and heifer prices closed the week around $237.50/cwt live, $4.25/cwt higher than the previous week.

Fed cattle prices are at the highest point since July, and are currently $10/cwt shy of their record highs set back in June 2023. Last week, dressed sales were reported from $397.00-398.50/cwt FOB the feedlot. Most of the cattle that traded would be picked up in 1-3 weeks.

Alberta fed basis levels strengthened going from -$20.59/cwt to -$11.42/cwt last week. U.S. packer interest on the Western Canadian cash market was quiet last week.

Last week, the Canfax average feeder steer price was $2.75/cwt lower, while heifer prices eased $3.50/cwt. Feeders weighing over 800 pounds traded $2-6/cwt lower than the previous week. Alberta 850 pound steer and heifer prices are $70/cwt higher than last year.

Alberta calf prices have tended higher over the past three months, from their lows in January 550 pound steer prices have risen $52/cwt while heifer prices have rallied $67/cwt. Alberta auction volumes totaled just over 35,000 head, 1,000 head smaller than the same week last year. Canadian feeder cattle exports to the U.S. for the week ending March 2, 2024, totaled 3,669 head, the largest weekly export volume seen this year.

Alberta D2 cows traded $1/cwt lower and live trade was reported from $155-176/cwt. D3 cows averaged $147.50/cwt. Year-to-date Western Canadian cow slaughter is down six per cent compared to last year. Last week, butcher bulls traded $4.50/cwt higher, averaging $175.50/cwt, with a trading range from $155-197/cwt.

Canadian butcher bull exports to the U.S. for the week ending March 16th totaled 482 head.

Bull

• U.S. pork cutout values are trading at the highest point since early October
• In 13 out of the past 20 years, Western Canadian fed prices have strengthened from March to April
• For the end of February, U.S. beef in cold storage is 12 per cent below last year

Bear

• Recent reports of Highly Pathogenic Avian Influenza (HPAI) among older dairy cows in the U.S. resulted in a significant mid-week selloff on the live cattle futures market
• Leading up to Easter, pork featuring volumes increased sharply and earned top spot for protein featuring
• Canadian beef import volumes in January in 17 per cent larger than last year