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

In Alberta last week, weighted average fed steer and heifer prices closed the week around $244.50/cwt live, $3.50/cwt higher than the previous week. Light trade was reported last week with dressed sales reported from $402.00-403.50/cwt FOB feedlot. U.S. packer interest was noted, and light volumes of Western Canadian fed cattle were marketed South. Sales to the U.S. were at a premium over local deals. Last week, Alberta fed prices were at a -$14.25/cwt discount against the Nebraska market.

Last week, the Canfax average feeder steer and heifer prices were $4/cwt higher. The calf and feeder market has experienced a counter seasonal rally setting new highs in November. Over the past twenty years, there has only been one year where 550 lb steers established second half of the year highs in November, that was in 2004. Last week, steers over 800 lb traded steady to $5/cwt stronger. Alberta auction volumes totaled just over 66,000 head, 6,000 head larger than last year. Canadian feeder cattle exports to the U.S. for the week ending November 2nd were 3,658 head.

Alberta D2 cows traded $4/cwt higher and live trade was reported from $160-183/cwt. D3 cows averaged $160/cwt. Last week, butcher bulls traded $1/cwt higher, averaging $189.50/cwt, with a range from $175-207/cwt. Canadian butcher bull exports to the U.S. for the week ending November 2nd totaled 722 head, 15% larger than the same week last year.

Bull.

• Based on the five-year average fed prices historically strengthen from now, right through until the end of the year.
• Western Canadian cow slaughter volumes continue to run well below year ago levels.
• AB/SK November 1st cattle on feed inventories are below last year.

Bear

• Select beef cutout values are trading at the lowest point since mid-January.
• The near-by live cattle contract is trading at the lowest point since mid-September.
• Based on the latest World Agriculture Supply and Demand Estimates report, USDA revised 2025 beef production higher (355 million pounds) compared to their October projections.