Canfax Weekly Article | Report for the week of November 8, 2021

Alberta fed bids started off at $257/cwt delivered and by Wednesday afternoon/Thursday, bids/sales were reported in the $261-262/cwt area delivered to the plant. Dressed bids/sales were anywhere from steady to $5/cwt higher than the previous week. Sale volumes were too light to establish a weighted average price trend last week. For the month of October western Canadian fed slaughter averaged 45,911 head/week compared to 44,762 head/week last year. Western Canadian steer carcass weights dropped sharply averaging 914 lb. This is the smallest carcass weights have been since late August.

Light calves saw prices ease around $2.50-4.50/cwt lower than the previous week and middle weight calves from 500-700 lb were modestly lower. Large feeders over 700 lb traded steady to $3/cwt lower on varied quality and reduced offerings. Manitoba 500-600 lb steer calf prices saw a $2/cwt premium to Alberta. Weekly auction volumes in Alberta were 14% smaller than the previous week at 82,239 head and were 7% lower than year ago. YTD auction volumes were 30% larger totaling 1,400,898 head. Feeder exports to the U.S. for the week ending October 23rd were 19% smaller than the previous week at 3,934 head and were 76% larger than the same week last year. YTD feeder exports are up 7% at 104,117 head.

Non-fed prices were mixed last week with slaughter cows slipping $2/cwt lower and butcher bull prices firmed $1/cwt higher. Alberta D2 cows slid to a new annual low; averaging $61.29/cwt, the lowest weekly average since early 2011. Compared with Ontario, Alberta D2 cows traded at a $6.32/cwt discount. Slaughter cow prices across the western prairies were comparable. Dressed cow bids continued sideways from $120-125/cwt delivered. Butcher bull prices for the week averaged $93.94/cwt.

Bull.

• Risk management opportunities have improved.
• Steer carcass weights dipped significantly lower than the previous week and year ago.
• Cutout values are seasonally strengthening.

Bear.

• Packers maintain large out-front slaughter inventories.
• Barley prices are firming higher.
• Slaughter cow prices are near a ten year lower.

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