For the week ending August 9, Western Canadian feeder cattle markets traded $5 to $10 higher on average. Many weight categories notched fresh record highs. Ontario demand was evident across western Canada for calves and yearlings.
Chicago Mercantile Exchange live and feeder cattle futures hit contract highs for the second day in a row on Thursday as strong cash cattle prices and resilient consumer demand continued to fuel a rally, analysts said.
In major U.S. livestock regions, some ranchers have slowly begun taking the first steps to boost cattle production after the nation’s inventory shrank due to a years-long drought that dried up pasture land used for grazing and hiked feeding costs.
Chicago Mercantile Exchange live and feeder cattle futures hit contract highs on Wednesday as strong consumer demand for beef and another spike in wholesale boxed beef prices supported an ongoing futures rally.
As trade talks with the U.S. continue, the Canadian Cattle Association says it's pleased to see a focus on the upcoming review of the Canada-U.S.-Mexico trade agreement (CUSMA) while maintaining tariff-free access for CUSMA-compliant goods.