The Canfax fed steer price closed the week at around $235/cwt, $0.25/cwt lower than the previous week. From their highs in late June, prices have declined $12/cwt. Last week, dressed sales were reported from $388.50-393.50/cwt FOB the feedlot. Cattle that traded were being scheduled for early September delivery. Last week, Alberta fed prices were estimated at a $16/cwt discount against the Nebraska market. This is the weakest cash basis since late April. Western Canadian fed slaughter for the week ending July 29 totaled just more than 42,000 head, 1% lower than the same week last year.
Over the past month, all classes of cattle have traded higher, setting new annual highs. The Canfax average feeder steer and heifer prices were $9/cwt higher. Steers weighing more than 800 lb were reported $12/cwt higher, while same-weight heifers were $5-7/cwt stronger. Last week, the forward delivery calf market was lightly tested; 5 weights steer calves for Oct/Nov delivery averaged in the upper $380s/cwt. Forward delivery calf prices are trading at premium compared to the spot market. Alberta auction volumes totaled just more than 20,000 head, 14,000 head larger than the same week last year. Canadian feeder cattle exports to the U.S. for the week ending July 10 totaled 3,227 head. For the first three weeks in July, feeder cattle exports to the U.S. are the largest since 2015.
Alberta D2 cows traded $2.25/cwt lower, and live trade was reported from $140‑167/cwt. D3 cows averaged $134.50/cwt. Butcher bulls traded slightly higher, averaging $161/cwt, with a trading range from $145-183/cwt. Canadian butcher bull exports to the U.S. for the week ending July 10 totaled 663 head, 40% lower than the same week last year. For the month of July, Western Canadian cow slaughter is the largest since 2009.