For the week ending March 14, Western Canadian yearlings and backgrounded cattle traded $10 to $15 lower on average compared to seven days earlier. Calves were unchanged to $10/cwt lower on average.
Weakness in the nearby and deferred live cattle prices along with strength in the barley market resulted in a negative tone for the overall feeder complex. Feedlot margins have deteriorated in the short-term which contributed to the defensive tone amongst buyers.
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On March 12, Alberta packers were buying fed cattle on a dressed basis in the range of $525-$530/cwt delivered, down from last week’s average price $538/cwt. On a live basis, this would equates to $315-$318/cwt. Breakeven fed cattle prices are currently in the range of $330-$340/cwt.
The TEAM auction market report included a group of 67 black Angus cross steers carrying lighter flesh, averaging 925 pounds with full processing records and implants coming off a diet of four pounds of wheat and corn silage that sold for $468/cwt fob ranch near Vauxhall.
At the Ponoka sale, 28 tan heifers with a mean weight of 894 pounds coming off a diet of seven pounds of barley and silage and full processing records included traded for $444/cwt. In Westlock, a group of eight Angus cross heifers averaging 802 pounds on a diet of free choice hay and five pounds of pellets with full processing data traded for $489/cwt.
The Vermillion Livestock Exchange reported a group of 15 black steers on the card at 714 pounds exited the ring at $590/cwt. This compares to the Killarney sale, where a group of 21 black steers weighing 713 pounds were last bid at $569/cwt and a smaller package of black heifers averaging 716 pounds silenced the crowd at $504/cwt.
The Lloydminster market report included a six-pack of Charolais cross steers scaled at 611 pounds that sold for $700/cwt. At the same location, a group of Angus blended heifers weighing 601 pounds traded for $577/cwt.
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Lighter weight calves were quite variable across the Prairies. At the Ste. Rose auction, a group of 17 Charolais steers evaluated 521 pounds notched the board at $727/cwt. This compares to the Lloydminster sale were a group of eight Charolais based steers weighing 521 pounds dropped the gavel at $765/cwt.
On March 12, wholesale choice beef was trading at US$397/cwt, up US$10/cwt from the prior week while select product was quoted at US$390/cwt, also reflecting a week-over-week gain of US$10/cwt.
Beef demand will be key to sustaining the current prices structure for fed and feeder cattle. For fall delivery, 1,000 pound steers off grass were quoted in the range of $475-$485/cwt relatively unchanged from three weeks earlier.
