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Fed, feeder cattle prices in record-high range

Fed cattle found substantial tailwinds, making new record-high prices in March 2023. Feeder prices in the first quarter of 2023 are approaching the record highs from 2015. Strong cattle prices are being supported by tighter North American supplies. Following two years of drier conditions, Canadian and U.S. cattle inventories were lower to begin 2023. Fed cattle slaughter has tightened to be below year-ago levels but remains higher than the five-year average. Despite record-high cattle prices, margins are being squeezed by feed grain prices which have eased somewhat but remain well above historical levels. 

Supply indicators 
2021 drought lowers Canadian inventories 

Total cattle and calves on January 1, 2023, were 2.2 per cent lower than in 2022, at 11.27 million head. Canadian cattle inventories have been declining steadily since 2018. Tighter North American cattle inventories have supported prices in 2023. 

Nationally, the beef cow herd declined 2.5 per cent to 3.56 million head as of Jan. 1, 2023, down 4.8 per cent or 181,000 head from the 2018 peak. Beef cow herd increases occurred in the Atlantic provinces (+1.2 per cent), Quebec (+2.3 per cent), Ontario (+2.9 per cent) and Manitoba (+0.6 per cent), but declined in Saskatchewan (-1.8 per cent), Alberta (-4.8 per cent) and British Columbia (-2.5 per cent). 

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