The Canfax average fed steer and heifer price closed around $296.75/cwt live, $1/cwt lower than previous week. Fed prices have declined for three consecutive weeks. Light trade was reported last week with dressed sales reported from $494.50-498.50/cwt FOB the feedlot. Buying interest was noted from all Western Canadian packers. Cattle that traded were being scheduled anywhere from late July to mid-August delivery. U.S. packer interest on the Western Canadian fed market was quiet last week. Last week, the Alberta fed cash-to-futures basis was reported at +$10.24/cwt, for the beginning of July, this is the second strongest basis on record, the only year that was stronger was in 2018.
Auction volumes in BC, AB, SK, and MB were too light to establish an average feeder price this week. However, based on late-week auction and electronic sales, the cash market tone looked steady and forward delivery calf prices looked steady to a little stronger. Last week, trading via electronic there was a good offering of heavier weight feeder steers, and all these feeders were coming out of the background lots. AB/SK steers weighing from 975-1075 pounds traded from $381-392/cwt. Looking at the feed grain market, new crop barley prices are holding around $290/tonne, prices have declined $5-10/cwt over the past couple of weeks. Alberta auction volumes were just over 10,000 head, 4,000 head larger than last year. Canadian feeder cattle exports to the U.S. for the week ending June 21st totaled 1,466 head.
Last week, Alberta D2 cows traded $1/cwt higher, averaging $227/cwt with a range from $210-258/cwt. D3 cows averaged $213.50/cwt. Cow prices are $4/cwt shy of their highs set back in early June. Butcher bulls traded $1/cwt higher, averaging $247/cwt, with a range from $201-300/cwt. Canadian butcher bull exports to the U.S. for the week ending June 21st were 574 head.
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