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AB Direct - Steers

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$73.83
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(Beef Cattle Research Council/Supplied)
February 12, 2024 Current Markets & Forecasts

Canfax Weekly Article | Report for the week of February 12, 2024

The western Canadian fed market had another disappointing week, and continues to underperform relative to the U.S. and Ontario markets.

Dressed sales are reported slightly higher compared to last week. Small volumes of western Canadian fed cattle were marketed into the U.S. The Alberta fed cash-to-futures basis is the weakest for early February in over 38 years.

Ontario has continued with another strong week, with dressed sales being higher than the previous weeks. Light volumes of Ontario fed cattle are also marketed into the U.S.

Alberta Auction volumes totaled at 20,553 head last week. Alberta 550 pound steers were up $8/cwt compared to the week before, surpassing the September 2023 high. Similarly, Alberta 850 pound steers were up $6/cwt compared to the previous week.

Ontario lightweight steers had another strong rally since the start of the year. Ontario 550 pound steers were up $27/cwt compared to last week, with an impressive rally since the beginning of the year. Heavyweight 850 pound steers were up $10/cwt compared to last week.

Alberta D2 cows were up a slight $2/cwt when compared to the previous week. But the bigger surge this week comes from Alberta D3 cows, with prices $9/cwt higher than last week. Canadian slaughter volumes for the week ending February 3rd were down 11 per cent compared to the prior week, but cow slaughter and bull slaughter were both higher compared to the prior week.

Bull

  • Cow and bull prices should continue to a spring rally
  • Lightweight 550 lb steers basis has reached a new historical high
  • Ontario fed and feeder are strong and shaping up to continue in the coming weeks

Bear

  • Alberta fed cash-to-futures basis has weakened significantly
  • Carcass weights remain near record large in the west
  • U.S. beef exports in 2023 were down 14.6 per cent on reduced production and softer Asian demand

About the Author

For over 50 years, Canfax has provided expert analysis of markets and trends in the ever-changing North American beef industry. In this new millennium, cattlemen, feedlot managers, and agri-business professionals will continue to rely on up-to-the-minute information as an essential tool for maximizing profit in today’s beef sector. Whether your operation needs to plan for three hours or three years into the future, Canfax delivers timely, accurate information for 21st Century cattle industry professionals. Those interested in becoming Canfax members can sign up on the website at www.canfax.ca.

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Cattle Report

Updated: 04/10/2024

Steers

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Rail: 403.00 FOB feedlot / 405.00 del

Heifers

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Rail: 403.00 FOB feedlot/ 405.00 del

Choice Steers

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Choice Heifers

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Boner Cows

Over 500 lbs: 238.71

Canadian Dollar

$73.83   0.11

Livestock Price Insurance Index

Expiry Fed Feeder Calf
23-Dec-24 228 304 --
20-Jan-25 228 306 --
17-Feb-25 228 306 --
17-Mar-25 226 304 --
14-Apr-25 232 306 --
12-May-25 234 308 --
9-Jun-25 242 314 --
Last Updated on September 27, 2024

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