Compared to last week, western Canadian yearling prices for 800-lb.-plus cattle traded $8-$10/cwt higher. Feeder cattle in the range of 600-800 lbs. were up $6-$8/cwt on average. Calves weighing 500-600 lbs. were unchanged to $10 higher, although supplies were limited. Feather-light calves under 500 lbs. traded $10 to as much as $30 over week-ago levels. Alberta packers were buying fed cattle on a dressed basis in the range of $408-$410/cwt delivered, up from the previous week’s values of $400-$402/cwt. Using a 60 per cent grading, live prices would be in the range of $245-$246/cwt. Nearby feeding margins continue to improve, resulting in stronger demand for replacement cattle. The deferred live cattle futures faltered late in the week but this did not influence the nearby cash feeder complex.
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In central Saskatchewan, larger-frame Simmental-based steers with medium flesh levels weighing 900 lbs. sold for $274. South of Edmonton, larger-frame lighter-flesh mixed steers weighing 880 lbs. on forage diet with full health records dropped the gavel at $294. North of Calgary, larger-frame tan steers with lighter butter weighing 820 lbs. silenced the crowd at $317. There were premium-quality cattle and there was no shortage of buying interest.
Northwest of Winnipeg, a small group of red and black steers with medium flesh weighing 720 lbs. notched the board at $318. Southeast of Saskatoon, black heifers averaging 660 lbs. were quoted at $298. Southeast of Calgary, medium- to larger-frame mixed steers with a light coat of butter averaging 640 lbs. were spotted at $344. Near Lethbridge, black and red heifers weighing 630 lbs. were valued at $314.
In central Alberta, Angus mixed steers with health data on light grain and forage diet weighing 545 lbs. sold for $356. In the same region, tan mixed steers on forage diet weighing 560 lbs. set the course at $369. Quality groups of 500-lb. steers were nudging the $390 level across Western Canada. In Manitoba, black steers weighing 430 lbs. jumped over the psychological level of the $400 marker and rang the bell at $423.
U.S. feeder cattle prices jumped US$8-$10 last week. Given the tighter supplies in Western Canada, domestic prices need to trade at a premium to values south of the border to curb exports. The U.S. Department of Agriculture’s world agricultural supply and demand estimates (WASDE) report had U.S. annual beef production for the 2024 calendar year at 24.8 billion lbs., down 2.3 billion from the 2023 output. The big picture is supportive for feeder cattle.
— Jerry Klassen is president and founder of Resilient Capital, specializing in proprietary commodity futures trading and market analysis. Jerry consults with feedlots on risk management and writes a weekly cattle market commentary. He can be reached at 204-504-8339 or via his website at ResilCapital.com.