Canfax Weekly Article | Report for the week of March 1, 2021

The Canfax fed steer price closed last week around $152/cwt, fully steady with the previous week. This is the first time in 36 weeks fed prices have been above last year. Last week dressed sales were reported from $252.00-255.50/cwt FOB the lot. Cattle that traded last week were being scheduled for the first half of March delivery. Alberta fed cash to futures basis strengthened going from +$4.77/cwt to +$5.84/cwt.

Last week the Canfax average feeder steer price closed the week $1.50/cwt higher while heifers strengthened $2.50/cwt. Calves and light weight stockers traded $2-6/cwt higher than the previous week. Last week Alberta 5-600 lb steers averaged just over $235/cwt, the highest price since April 2019. Feeder steers weighing over 800 lbs traded steady to $2/cwt lower. Western Canadian calf and feeder indices closed the week at $216.33/cwt and $188.31/cwt respectively. Alberta weekly auction volumes totaled just over 46,000 head. Canadian feeder cattle exports to the US for the week ending February 13^th totaled 947 head.

Alberta D2 cow prices traded $5.50/cwt higher with live trade reported from $80-94/cwt. Last week D3 cows averaged $76.50/cwt. Cow prices are at their highest point since August. Butcher bulls traded $1/cwt lower to average $106/cwt and live trade was reported from $90-126/cwt. Canadian butcher bull exports to the US for the week ending February 13^th totaled 312 head.

Bull.

• Alberta fed basis levels historically strengthen from February to March
• Alberta D2 cow prices have strengthened $10/cwt on a live basis over the past two weeks
• Western Canadian steer carcass weights have declined

Bear

• For the end of February, Western Canadian fed prices are below the three-year and five-year averages
• A rather large volume of Set-Aside cattle are scheduled to be released in March
• Over the past nine trading sessions the April live cattle contract has declined 600 points

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