Fed steers and heifers sold through auction markets this week at 483 head, were down 451 head from the previous week and 65 head smaller than the same time last year. Fed steers sold from $234.33-$244.68/cwt averaging $239.95, down $15.41 cwt from the previous week’s trade but $0.24 above year ago prices. Fed heifers sold from $230.68-$246.79 averaging $240.35 cwt, down $5.67 from last week but $0.52 higher than last year. Auction markets reported that large offerings of fed steers and heifers sold fully steady to easier with quality and weight considered, while Holstein steers sold at steady prices.
The Ontario railgrade market had light trade reported with dressed sales ranging from $407-415/cwt delivered, fully steady with the previous week. Business remains quiet, buying interest from the smaller Ontario processing plants has been quiet this week. As the strike at Cargill drags on into the second week, there are no meetings scheduled between Cargill and the union as of June 4th. Canadian beef demand, though down slightly in 2023, remains historically strong.
Cull cow receipts sold through auction markets this week were 1,885 head, down 316 head from last week and down 320 head from last year. Cows were selling from $124.90-$173.20/cwt averaging $146.01/cwt, up $6.10/cwt from last week and up $11.87 from last year. Auction markets reported fed cows continue strong at steady money on good demand. Cull cows sold $4-5 higher on Tuesday. Beef cows sold from $131.74-$182.24/cwt averaging $157.66, up $5.02 cwt from the previous week’s trade and $7.46 above year ago prices. Lean 85% trim prices continue to move higher.
Receipts of 3,791 stocker and feeder cattle sold through Ontario auction markets this week down 993 head from the previous week and 158 head fewer than the sameweek last year. Auction markets reported stockers continue to sell steady to slightly lower to end May and steady to fully steady to begin June. Feeder cattle sold steady. All classes of stocker and feeder cattle are selling slightly higher right across the board on Tuesday.
Actual average prices collected this week saw steers from 400-500 lbs trading $38.43 cwt higher than last week on average, 500-600 lbs down $19.52, 600-700 lbs up $8.21, 700-800 lbs down $2.50, 800-900 lbs were down $1.38, steers 900-1000 lbs down $1.78 and steers 1000 lbs plus averaged $15.85 cwt weaker than the previous week’s weighted average prices. Heifers from 300-400 lbs were up $12.20 cwt from last week on average, 400-500 lbs down $3.42, 500-600 lbs down $11.74, 600-700 lbs down $1.81, 700-800 lbs down $26.99, 800-900 lbs down $2.13 and heifers 900 lbs and over averaged $10.43 cwt weaker than the previous week’s weighted average prices. On Wednesday, the Bankof Canada reduced the key interest rate by 25 basis points to 4.75%.
The Quebec electronic market this week sold at $ 403.50-$404.75cwt dressed on a picked-up basis, which is fully steady from the previous week’s trade on average.
Alberta direct cattle sales saw light trade develop with dressed sales marked at $440/cwt delivered, steady to $2/cwt higher than the previous week. Western Canadian packer competition on the cash market is not as strong as it was last week. The Fed Cattle Exchange put Canadian cattle on offer for the first time on June 5th. All lots were passed; however, this opens up another mechanism to trade fad cattle. Another developing story is a potential border strike. Over 9,000 Canadian border service agency workers are threatening to take strike action. The earliest they could stick is June7th. This could impact shipments of live cattle and could also impact boxed beef exports/imports.
