Canfax Weekly Article | Report for the week of March 18, 2024

In Alberta last week, weighted average fed steer and heifer price closed the week on either side of $230/cwt live, steer prices were stronger than the previous week, while heifer prices were lower.

Last week, dressed sales were reported from $378.50-388.50/cwt FOD the feedlot. Lift times were all over the map, depending on which packer bought the cattle. Most of the cattle that traded would be picked up in 1-3 weeks. A few cattle would also be picked up in early May.

U.S. packer interest was noted, and moderate volumes of Western Canadian fed cattle were marketed south. Cash sales to the U.S. were at a premium over local deals. In addition, a few cattle were also committed to the U.S. packer on a five-area average.

Last week, the Canfax average feeder steer price wa $2/cwt higher, while heifer prices strengthened $2.50/cwt. Alberta steers weighing from 5-700 pounds were $4-6/cwt higher than the previous week.

Alberta calf prices are trading at a premium to both the Ontario and U.S. markets. Last week, Alberta 850 pound feeders were reported $1/cwt higher. Feeder prices are currently $3/cwt shy of their record highs set back in September 2023.

Alberta auction volumes totaled 37,000 head, 1,000 head smaller than the same week last year. Canadian feeder cattle exports to the U.S. for the week ending March 2nd totaled 2,676 head.

Western Canadian packer and feeder cow buyers continue to be active on the non-fed market. Alberta D2 cows traded $5/cwt higher and live trade was reported from $150-176/cwt. D3 cows averaged $141/cwt higher, averaging $168/cwt, with a trading range from $150-187/cwt. Canadian butcher bull exports to the U.S. for the week ending March 2nd totaled 266 head.

Bull

• March 1st Alberta and Saskatchewan cattle on feed inventories are below last year and the five-year average
• U.S. 90 per cent lean trim prices are record high, supporting both the non-fed and fed market
• Packer lift times have tightened over the past month

Bear

• U.S. beef exports for the month of January were four per cent lower than last year
• Over the past four weeks, U.S. cattle slaughter is estimated 130,000 head below last year
• The fed cattle market has under performed relative to the non-fed market