Canfax Weekly Article | Report for the week of July 29, 2024

Alberta last week weighted average fed steer and heifer closed the week around $257/cwt live, fed prices dropped $8.70/cwt after reaching an all-time high back in early June; but appear to have stabilized. Last week, dressed sales reported at $428/cwt delivered, traded steady for the last four weeks. Cattle that were traded are scheduled for pick up in the second half of August. Buying interest was noted from all three western Canadian packers, only two bought cattle.

Last week, Alberta auction volumes almost reached 16,000 head, the largest weekly volume seen in the last seven weeks. For the same week, this is the second largest volume recorded in the last decade. Canfax average feeder prices for steer and heifer traded $3.10/cwt and $2.30/cwt higher respectively.  Over the past twenty-five years, 900+ pound steers have only established second half of the year highs in July two times. Suggesting higher prices are still in front of us. For the week ending July 13^th, Canadian feeder cattle exports to the U.S. were 2,640 head.

Alberta D2 and D3 cows traded stronger at $192 and $177/cwt respectively, up $4/cwt from the previous week. Over the past month, butcher cow prices have rebounded $10/cwt and are within $2/cwt of their record highs set back in early June. Butcher bulls averaged $212/cwt, traded $1/cwt stronger than last week.

Bull

• Alberta butcher cows are trading near record hihg
• Barley prices continued to trend lower
• Ontario cows establishing a new annual high last week

Bear

• Alberta cash-to-future basis levels seasonally weaken in the fall
• Choice and select cutout continue to trend lower as summer progresses
• Seasonally Western Canadian fed cattle trend steady to lower during the summer