Adverse weather in southern Alberta may have tempered buying interest for lighter weight calves.  Alberta packers were buying fed cattle on a dressed basis in the range of $508-$510 per hundredweight delivered, steady to $2/cwt higher than last week. Live cattle prices near Lethbridge fob feedlot were averaging $305/cwt. Feedlot margins have improved but remain in red ink by $200-$300 per head. Given current prices, the break-even fed cattle price for June on a live basis is in the range of $350-$355/cwt. This is the main factoring stemming additional strength in the feeder complex. 

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The TEAM market report included a group of 140 Charolais blended steers averaging 980 pounds, with full processing data but no implants, coming off a diet of barley and corn silage that traded for $461 fob farm near Kelwood, Man. for delivery March 10-17.

Northeast of Calgary, a backgrounding operation reported a group of large wide frame black Limousin cross steers weighing just over 900 pounds with full processing on a light grain and silage diet-controlled weight gain ration were valued at $475/cwt fob feedlot.   Fleshier cattle of similar weight traded at a $15 to $30/cwt discount.

At the Ponoka sale, a package of 44 Simmental Angus cross steers averaging 822 pounds with full processing records on barley and haylage diet sold for $517/cwt.  At the same sale, Charolais blended pre-conditioned heifers evaluated at 812 pounds on backgrounding ration carrying medium to lighter flesh were valued at $475/cwt.

At the Perlich Bros Auction Mart near Lethbridge,  a smaller group of Charolais based steers weighing  748 pounds dropped the gavel at $566/cwt. At the same sale, a package of 26 red mixed steers averaging 727 pounds exited the ring at $590/cwt.  At the Lloydminster sale, a group of 26 red heifers with a mean weight of 714 pounds traded for $510/cwt.

At the Ste Rose du Lac sale in Manitoba, mixed steers with a mean weight of 618 pounds traded for $627 and a smaller package of mixed heifers averaging 612 pounds sold for $554/cwt. Interesting to note at the Clyde sale in Alberta, a group of heifers for beef cow replacement weighing 648 pounds were quoted at $591/cwt.

The Lloydminster market report included at group of Charolais steers averaging 530 pounds that sold for $715. AT the same sale, a nine-pack of 450-pound red and black Angus steers were quoted at $859/cwt 

 The market is in a very unique situation. If we don’t see the fed cattle market rally by late March or April, the feeder market will start to decline despite the tighter supply scenario.

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The variation in the price structure was due to the adverse weather. Major feedlot operators were more aggressive on longer-term weaned calves with processing records. Fleshier unweaned calves traded slightly below week-ago levels but there was limited slippage. Manitoba and eastern Saskatchewan markets appeared to reflect a premium over major Alberta auctions. Once again there was very strong demand from Ontario and these orders gave the crowd a shot of adrenalin. One buyer commented that when certain packages made fresh highs, a scarcity fear seemed to cloud over the room, resulting in a firmer tone on the next run. There was no scrutiny on the price structure as “just get’ em”-type orders were evident, especially on some peewee calves.

Southeast of Calgary, medium- to larger-frame red mixed steers with some butter covering weighing 930 lbs. apparently sold for $288. In the same region, larger-frame lower-flesh Angus-based yearling steers coming off grass and hay diet weighing 822 lbs. were valued at $322. In central Saskatchewan, Simmental-based steers with medium flesh weighing 875 lbs. were reported to have traded for $300.

At Lloydminster, red weaned steers on the card at 749 lbs. apparently traded for $343. Northwest of Winnipeg, Charolais-based steers weighing 772 lbs. dropped the gavel at $339 and Charolais heifers weighing 676 lbs. silenced the crowed at $310.

In Ponoka, red Limousin steers off cows and grass with full processing data averaging 630 lbs. notched the board at $361. At the same sale, black Angus-based semi-weaned heifers weighing 661 lbs. off cows grass and hay sold for $300. In central Saskatchewan, tan steers appearing to be short weaned off their mothers weighing 605 lbs. traded for $371.

South of Edmonton, black mixed steers weighing 565 lbs. coming off a diet of cows and silage with full health records were purchased for $376. In Manitoba, Angus-based steers weighing a shade over 500 lbs. were reported to have sold for $415 and Charolais heifers on the card at 566 pounds were last bid at $336. In central Saskatchewan, Simmental-based steers weighing 450 lbs. reportedly traded for $443 and their younger brothers in a group averaging 400 lbs. set the chart at $493.

Alberta packers were buying fed cattle on a dressed basis at $390/cwt delivered, unchanged from last week. The Alberta fed cattle basis over the winter could deteriorate similar to last year causing margins to move into negative territory. For March, the break-even pen closeout value is around $265/cwt. On Friday, the best one can hope for, given the April live cattle futures, was $250/cwt.

— 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.

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Alberta feedlot operators pulled in the reins last week due to drier conditions in Western Canada. The barley crop is experiencing yield drag and the cost per pound gain in the fall period may be higher than earlier expectations. At the same time, we’re seeing fairly aggressive offers for U.S. corn into southern Alberta for October through December which is alleviating some of the concern. Cow-calf producers in the drier pockets are marketing portions of their yearling crop sooner than normal. Higher prices are also attracting more supplies to the market compared to normal. The feeder market will be extremely volatile over the next month as the U.S. corn crop moves through the critical pollination phase.

Near Lethbridge, medium- to larger-frame mixed steers carrying lower flesh levels weighing 940 lbs. reached up to $287/cwt. In the same region, above-average-frame heifers carrying lighter butter weighing 850 lbs. sold for $274. In central Alberta, Angus-blended long-time weaned steers on light grain/forage ration with full health data recorded at 830 lbs. dropped the gavel at $307. South of Edmonton, Charolais-blended heifers coming off grass with processing data scaled at 850 lbs. silenced the crowd at $280.

Southeast of Saskatoon, a smaller group of mixed steers off grass weighing 710 lbs. were valued at $328. North of Calgary, larger-frame Simmental-based heifers off grass weighing a shade over 700 lbs. charted the board at $299.

North of Red Deer, Angus-based fully weaned steers on light grain/forage diet weighing 630 lbs. were last bid at $355. East of Edmonton, a handful of mixed heifers off grass with full health records weighing 650 lbs. set the bar at $285.

In central Saskatchewan, a small group of tan steers weighing just over 500 lbs. topped out at $399. At Dawson Creek, a handful of red heifers weighing 514 lbs. sold for $320. The market was hard to define for calves under 600 lbs. due to limited numbers. Small groups failed to draw significant buying interest.

Alberta packers were buying fed cattle on a dressed basis in the range of $409-$410/cwt delivered last week. Sales are down $5-$6/cwt from seven days earlier. Feedlots face a slightly softer fed market and an uncertain feed grain complex.

— 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.

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Ongoing strength in the fed market continues to underpin the feeder complex. Auction markets had limited supplies last week and feedlots were aggressive on larger groups of quality yearlings. Slippage in deferred live cattle futures and strength in the Canadian dollar tempered the upside.

North of Saskatoon, a larger group of Charolais and Angus mixed steers weighing 990 lbs. on grass diet sold for $280. In central Alberta, Simmental-blended steers on forage diet with full health data averaging 930 lbs. sold for $288. In the same region, a smaller group of medium-frame lighter-flesh mixed heifers sized at 830 lbs. sold for $280. Near Lethbridge, a small group of red steers weighing 805 lbs. were bid up to the psychological level of $300.

East of Saskatoon, a smaller group of Angus mixed steers weighing 720 lbs. on grass diet were valued at $325. West of Edmonton, tan steers on forage diet with full health records scaled at 722 lbs. silenced the crowd at $334. In the same region, Charolais-based heifers off grass with processing data reported at 740 lbs. notched the board at $299. Near Lethbridge, a small group of black steers weighing 750 lbs. were quoted at $311.

In central Alberta, a small group of mixed weaned steers with processing data on grass and hay diet weighing 670 lbs. sold for $362 and black semi-weaned heifers weighing 600 lbs. were valued at $310. In east-central Saskatchewan, a small group of tan unweaned steers weighing just over 500 lbs. sold for $404. In central Alberta, black unweaned heifers weighing 460 lbs. sold for $330.

The western Canadian feeder market will function to ration demand by trading at a premium to U.S. feeder values in the latter half of 2023. The U.S. Department of Agriculture’s latest cattle on feed report was considered bearish for the U.S. cattle market. Look for Canadian feeder values to divorce from weakness in the U.S. feeder market.

— 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.

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The market was hard to define because available supplies are dwindling at this time of year. The quality of cattle was extremely variable and discounts for fleshier stragglers ballooned last week. Alberta packers were buying fed cattle on a dressed basis at $415/cwt delivered, which was a fresh record high. Using a 60 per cent grading, live values would equate to $249/cwt delivered. The nearby cash market has divorced from the future market activity. Buyers shrugged off the lower feeder cattle futures last week.

In central Alberta, a smaller group of mixed lower-flesh steers on forage diet with full health records weighing 930 lbs. sold for $288. North of Red Deer, black mixed larger-frame, minimal butter-carrying steers on forage diet with processing data averaging 825 lbs. traded at the psychological $300 level. In the same region, mixed heifers with thin frames on forage diet recorded at 825 lbs. dropped the gavel at $281.

Near Lethbridge, medium- to larger-frame black Angus-based steers weighing 720 lbs. were quoted at $326. South of Calgary, a smaller group of Simmental-blended heifers weighing 755 lbs. were quoted at $273.

In southern Manitoba, smaller groups of mixed steers weighing 600-625 lbs. traded in the range of $355-$365 while similar-weight heifers were quoted from $300-$310. North of Calgary, black mixed steers weighing 615 lbs. were valued at $352 and a small group of tan heifers weighing 605 lbs. traded for $310.

There was a wide price variance on calves under 600 lbs. last week due to limited numbers and variable quality. Southeast of Saskatoon, a smaller group of tan mixed steers recorded at 515 lbs. were valued at $405. In central Alberta, mixed heifers weighing 555 lbs. were quoted at $295.

From June 11 to 18, central Alberta received 40-60 mm of rain. The barley crop is made and above-average yields are expected. These rains contributed to stronger buying enthusiasm for replacements. Many auction markets had limited numbers and summer schedules are in effect at most locations.

— 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.

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Feeding margins continue to percolate higher as the fed cattle market experiences a counter-seasonal trend. Stronger buying interest was noted across all weight categories. There was limited slippage on fleshier types in the heavier weight categories. In some cases, the heifer discount to steers appeared to narrow, with finishing operators anxious to secure numbers for the fall period. Auction market volumes will decline over the next month and tighter supplies continue to underpin the overall feeder complex.

In central Alberta, larger-frame mixed steers carrying very light butter on silage diet with full health data averaging 850 lbs. dropped the gavel at $290. In the same region, Simmental-blended, light-flesh heifers with processing records averaging just over 810 lbs. notched the board at $270. In central Saskatchewan, a smaller group of Angus-blended steers on the board at 820 lbs. reached up to $293. Northwest of Winnipeg, medium- to larger-frame black heifers with medium flesh levels averaging 850 lbs. were quoted at $256.

In southern Alberta, medium- to larger-frame black steers on forage diet scaled at 710 lbs. set the bar at $320. In the same region, tan heifers with thinner frames averaging 725 lbs. were valued at $297. In Manitoba, a smaller group of red and black steers weighing 675 lbs. were last bid at $343.

South of Edmonton, a smaller group of mixed steers weighing 630 lbs. traded for $355; in Lloydminster, a small group of 640-lb. black steers sold for $345. Southeast of Saskatoon, tan steers averaging just over 600 lbs. were quoted at $360.

In central Alberta, mixed steers weighing 530 lbs. were valued at $373 and tan steers weighing just under 500 lbs. were last quoted at $395. In the same region, tan heifers averaging 500 lbs. traded for $331. The market was relatively flat across the prairies for feeders under 550 lbs.

Flooding in Deaf Smith County in Texas’ Panhandle has caused cash and futures markets to incorporate a risk premium. John Robinson, senior vice-president for communications for the National Cattleman’s Beef Association, stated that social media accounts of mass losses were inaccurate. When weather turns favourable and actual cattle loss is known, the risk premium in the market will erode.

— 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.

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The finishing feedlot operator appears to be dominating the feeder market across all weight categories. Ontario interest was creeping all the way into Alberta, especially for Limousin-type genetics. There were limited numbers on offer in Manitoba and Saskatchewan this past week. This caused U.S. buyers to stretch arms into Alberta’s main markets. In most cases, the buyer shopping for grass cattle cannot compete with the finishing feedlot operator and simply backs away at the higher levels. The discount for fleshier-type yearlings has narrowed due to the tighter supply situation. October feeder cattle futures continue to trade at a $32 premium to the nearby May contract. This has encouraged feedlot operators to secure ownership sooner rather than later.

South of Edmonton, larger-frame Simmental blended steers with medium flesh on light grain ration with full health data averaging a shade under 900 lbs. dropped the gavel at $261. In the Red Deer region, a larger group of optimal-frame mixed heifers carrying very light butter with full health records set the scale at 865 lbs. and notched the price board at $262. In southern Alberta, tan steers with medium flesh levels weighing 825 lbs. were bid up to $289.

At Lloydminster, a smaller group of silver steers weighing 740 lbs. sold for $327 and a handful of Charolais-based heifers weighing 760 lbs. silenced the crowd at $277.

East of Saskatoon, a small group of large-frame black steers averaging 615 lbs. reached up to $327. In central Saskatchewan, a larger group of tan mixed heifers reported at 620 lbs. set the bar at $305. In southern Alberta, Simmental-based steers weighing 640 lbs. were valued at $332 and tan heifers averaging 600 lbs. were valued at $320.

In central Saskatchewan, a smaller group of Angus-based steers weighing 530 lbs. traded hands at $360 while their lighter sisters averaging 520 lbs. pulled buying interest up to $328. In southern Alberta, tan steers weighing 540 lbs. sold for $366 and red steers weighing 460 lbs. scaled fresh heights at $389.

It’s that time of year when weather forecasts are having a larger influence on the grain, oilseed and cattle markets. Central Alberta and Saskatchewan are expected to receive timely rains this week which will enhance yield forecasts for wheat and barley crops. It takes more than one rain to rejuvenate pastures but cow-calf producers are relieved in the short term. Drier conditions and high forage costs have thrown a wrench into expansionary plans for the cow-calf operator. The number of bred cows and cow-calf pairs on the market has exceeded expectations. The beef cow slaughter is also running higher than earlier projections.

— 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.

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As of early Thursday evening, the province was tracking 76 active wildfires, of which 22 were listed as “out of control” and 17 as “being held,” with 37 deemed under control.

The Alberta government on Saturday declared a provincial state of emergency, a legal status which allows for a higher level of intergovernmental co-ordination, around-the-clock situation monitoring, emergency discretionary funds and the ability to mobilize additional supports.

Firefighting in central parts of the province has benefited from recent moisture and cooler temperatures, the province said Wednesday, but added that conditions are expected to get hotter and drier by the weekend.

Fire danger remains “extreme” in many northern areas, the province said Wednesday, adding that “despite cooler temperatures elsewhere, a wildfire can still start easily and spread quickly in these conditions.”

The province on Wednesday advised producers to contact the Alberta Association of Agricultural Societies if seeking space for evacuated livestock. The association has an online list of contacts for local ag societies offering assistance.

Alberta Beef Producers, on its website, also offers a map of facilities such as rodeo and sports grounds made available for evacuated animals, along with listings of other resources for affected ranchers.

The organization also notes some members of the Alberta Auction Markets Association may have space available; the association can be reached at 780-789-3915 (north) or 403-358-0456 (south).

To help keep track of evacuated livestock, Animal Health Canada’s emergency management division has a template of a livestock evacuation documentation form on its website.

The province has reiterated that any evacuated farmers and ranchers can contact the provincial wildfire resource line at 310-4455 with ag- or livestock-related questions, and should also register at the evacuees’ reception centre for their community so staff can connect them with any needed resources.

Evacuated livestock producers may also need re-entry permits if they want to go back into an evacuated area to check on livestock, and should check with their municipality before entering, the province said.

The province’s Agriculture Financial Services Corp. (AFSC) said Wednesday its lending clients may be eligible for financial relief including payment deferrals, loan restructuring or approvals of short-term working capital loans.

Perennial crop producers with acres under moisture deficiency insurance (MDI) have a pasture spot loss fire benefit for fires caused by accident and/or lightning, triggered by a minimum burn of 100 acres, AFSC noted.

Annual crop growers with a hail endorsement on insured acres are covered for losses caused by accidental fire or fire by lightning, AFSC added. Producers with hay insurance and/or annual production insurance who have not elected the hail endorsement option are covered for fire caused by lightning, but not for accidental fires.

AFSC also noted the federal/provincial AgriStability ag income stabilization program will consider losses caused by accidental fire or fire by lightning when calculating a participant’s program year margins.

Evacuations

Communities covered by 13 full or partial evacuation orders as of Wednesday evening had included Drayton Valley, Fox Creek, Lac Ste. Anne, Rainbow Lake; the counties of Brazeau, Grande Prairie and Yellowhead; the Whitefish Lake, Sturgeon Lake Cree, Little Red River Cree (Fox Lake), O’Chiese and Beaver First Nations; the Gift Lake and East Prairie Metis settlements; and the municipal district of Greenview. As of Wednesday evening, 15 evacuation alerts were also in effect.

As of Thursday evening, however, the province reported nine evacuation orders remained in effect, covering a total of 16,493 evacuees. It also confirmed the evacuation order has been lifted for the remainder of Yellowhead County.

The province reported Thursday that the Canadian Armed Forces has deployed members of the Third Battalion, Princess Patricia’s Canadian Light Infantry (3PPCLI) and One Combat Engineer Regiment (1CER) to the Grande Prairie, Fox Creek and Drayton Valley areas. Army reserve soldiers from across the province are also deploying this week, the province said.

Over 800 wildland firefighters from multiple provinces, along with heavy equipment and airtankers, were responding to wildfires in Alberta as of Thursday evening.

Canadian National Railway, which said May 6 it had suspended service on its Edson subdivision running from Edmonton and Jasper due to fires in the Edson area, resumed operations on that section of its mainline the following Monday.

“Network fluidity was affected as train speed was reduced, and safety crews were required to spray tracks with water after every train,” CN said in its most recent weekly report on western Canadian grain handling.

The May 6-8 stoppage “also impacted the movement of traffic headed to the Edson subdivision, as dozens of trains in the western region were forced to wait until the danger had passed.” — Glacier FarmMedia Network

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Strength in deferred live cattle futures, along with news of China’s agreement to resume barley imports from Australia, were the main factors driving the feeder market, especially for feeders under 700 lbs. Reported values were quite variable this past week. There were larger groups of backgrounded cattle moving directly off farm to feedlot. Finishing operators will sometimes pay a minor premium on quality groups with controlled weight gain and health data. For calves, buyers are looking to secure ownership for fall yearlings. Grass cattle are expensive. Some cow-calf producers are resorting to buying heifers over 800 lbs. for grass programs. Alberta packers were buying fed cattle on a dressed basis in the range of $370-$375, up $7-$10 from last week. The fed market is leading the feeder complex.

The yearling market appeared to percolate higher throughout the week. Sales on Friday were $1-$3 higher than Tuesday. In central Alberta, Simmental-blended lower-flesh steers on light grain ration with full health data weighing 895 lbs. sold for $260. In the same region, Angus-blended heifers on light grain diet scaled at 865 lbs. dropped the gavel at $248. In central Saskatchewan, 950-lb. crossbred steers with medium to lower flesh were valued at $243 and similar-quality and -genetic 800-lb. steers were stopped at $280. Northwest of Winnipeg, Angus-based steers weighing 856 lbs. were quoted at $268 and red heifers carrying a lighter layer of butter averaging 825 lbs. silenced the crowd at $254.

Northeast of Calgary, the highest bid for Limousin-based steers averaging 750 lbs. was $295. North of Brandon, Charolais lower-flesh steers weighing 705 lbs. charted the board at $302.

In central Alberta, black weaned steers weighing 620 lbs. sold for $330 and Simmental-based steers weighing 540 lbs. sold for $340. In the same region, red heifers weighing 540 lbs. dropped the gavel at $310. In central Saskatchewan, black steers scaled at 610 lbs. touched buyers’ hearts at $320 and Charolais-based heifers averaging 545 lbs. were quoted at $318.

Australia and China have come to an agreement on barley trade. Canadian barley exports will be down sharply in the 2023-24 crop year. Traders are anticipating a burdensome barley supply in Western Canada this fall. Secondly, a later-seeded wheat crop is vulnerable to adverse weather. This has contributed to price strength on cattle that will have the bulk of their weight gains with new-crop feed grains. This comes on the heels of a record Brazilian corn crop and a four million-acre year-over-year increase in U.S. corn plantings. Calf prices in November have $30-$40 upside potential from current levels.

— 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.

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For the most part, strong demand was noted across all weight categories, with limited slippage on off-grade, smaller-frame or fleshier animals. Noted buying interest was once again evident for grassers in the 600- to 800-lb. weight range. Cattle suitable for grass have jumped $10-$15 over the past three weeks. It appears yearling supplies in the fall period will be down sharply from year-ago levels. Calf volumes were limited. Quality packages under 550 lbs. were few and far between.

In central Alberta, a larger group of mixed steers on silage diet with full health records averaging 925 lbs. dropped the gavel at $242. North of Red Deer, lower-flesh heifers averaging 925 lbs. with full health data were valued at $225. In west-central Saskatchewan, medium- to lower-flesh, larger-frame Simmental blended steers weighing 840 lbs. notched the board at $271. At the same sale, lower-flesh tan heifers with a scale weight of 825 lbs. silenced the crowd at $262.

East of Saskatoon, larger-frame black steers averaging 710 lbs. were bid up to $298 and similar-quality heifers in the ring at 730 lbs. were quoted at $262. Southeast of Calgary, Angus-based steers carrying light butter with mass of 730 lbs. charted course at $285 while Hereford-based heifers averaging 730 lbs. were valued at $255.

West of Edmonton, black Angus weaned steers on light grain diet with a scale weight just under 600 lbs. sold for $330. South of Edmonton, tan steers weighing 645 lbs. set the bar at $312. North of Calgary, mixed heifers weighing 620 lbs. sold for $290.

In central Saskatchewan, Charolais steers averaging 560 lbs. were bid up to $335 and black heifers coming in at 550 lbs. were last bid at $310. In Manitoba, larger-frame red steers weighing 535 lbs. reached up to $330 and black heifers averaging 530 lbs. were valued at $285.

Alberta packers were buying fed cattle on a dressed basis in the range of $360-$365 delivered. Using a 60 per cent grading, live values would be equivalent to $219 delivered, which is a fresh historical high. Pen closeouts over the past couple of weeks have shown a small margin. However, in deferred positions, the margin structure barely covers feed costs, which is limiting the upside for yearling prices. Ideas are barley and corn will be considerably cheaper next fall, which is contributing to stronger prices for grass cattle. The function of the feeder market is to encourage expansion. In southern Alberta, replacement heifers are reaching over $2,400 and quality, premium, genetic cow-calf pairs are striking $3,800.

— 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.

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