Canfax Weekly Article | Report for the week of April 18, 2022

Last week the Canfax fed steer and heifer price closed around $164.50/cwt, $1.50/cwt higher than the previous week. New annual price highs were established last week. Dressed sales were reported from $274.00-275.50/cwt FOB lot. Cattle that traded last week were being scheduled for late May/early June delivery. Alberta fed cash to futures basis weakened going from ‑$9.25/cwt to -$11.61/cwt. For the week ending April 9^th western Canadian fed slaughter totaled just over 46,000 head, 4% larger than the same week last year.

The Canfax average feeder steer price closed the week $2/cwt higher while heifers eased $0.50/cwt. Heifers weighing from 4-500 lb traded $1/cwt higher, setting new annual price highs last week. Steers weighing from 5-600 lb traded $3/cwt stronger, on a cash-to-cash basis Alberta calf prices are trading at a $7/cwt discount against the US market.  Last week heifers weighing over 700 lb traded steady to $1/cwt lower. The western Canadian calf index closed the week at $225.32/cwt. Alberta weekly auction volumes totaled just over 19,000 head, steady with the previous week. Canadian feeder cattle exports to the US for the week ending April 2^nd totaled 7,445 head.

Alberta D2 cows traded $2/cwt higher last week and live trade was reported from $93-106/cwt, and D3 cows averaged $90/cwt. Butcher bulls traded $1/cwt lower to average $120/cwt and live trade was reported from $105-143/cwt. Canadian butcher bull exports to the US for the week ending April 2^nd totaled 657 head, the second largest weekly export volume seen this year. 

Bull.

• Canadian beef exports in February were 9% larger than last year.
• U.S. steer by-product values are 21% higher than last year.
• Beef featuring usually improves after Easter.

Bear.

• Alberta/Saskatchewan April 1^st cattle on feed inventories are historically large.
• According to the latest Canfax Trends report, yearling steers and heifers placed in Sept/Oct and sold in April lost on average $407/head.
• Western Canadian steer carcass weights for the beginning of April are record large.

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