Compared to last week, western Canadian yearling markets traded $3-$5 lower on average. Feeder cattle weighing 650 to 800 lbs. were relatively unchanged to $3 lower. Calves under 650 lbs. were steady to $4-$6 lower in Alberta, unchanged in Saskatchewan and $3-$5 higher in Manitoba. Fleshier yearlings and calves were heavily discounted last week with some quotes as much as $10 off average prices.
The feeder market is adjusting to the rise in corn prices which have jumped nearly $50/tonne from mid-February. Feedlot operators that booked their feed grain requirements earlier were more aggressive; however, feedlots purchasing corn on a hand-to-mouth basis were rather quiet in the feeder complex. The deferred live cattle futures $5-$6 off the February highs which also dampened buying enthusiasm.
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Colder temperatures and adverse pen conditions contributed to the softer tone, especially for calves. The market had a small risk discount due to weather. The quality of cattle was also quite variable last week. Order buyers were having a difficult time attracting interest and major feedlot operators focused on local cattle. Feedlot operators are gearing up for a cold wet spring and straw is expensive.
In the Lethbridge area, Angus-based steers holding thinner butter on light grain ration with controlled weight gains weighing 825 lbs. were quoted at $190. South of Edmonton, Simmental mixed steers with lower flesh on light grain with full shots averaging 835 lbs. sold for $193; Charolais-based heifers with lower flesh with full health records on light grain silage ration were quoted at $180 in the same region. Northwest of Winnipeg, black steers weighing 865 lbs. with medium flesh were quoted at $181 and similar-quality heifers weighing 895 pounds were valued at $154.
South of Edmonton tan mixed steers weighing a shade under 700 lbs. dropped the gavel at $216 and mixed heifers weighing 680 pounds were quoted at $183. In the Lethbridge area, black steers weighing 530 lbs. were valued at $255 and similar quality heifers averaging 510 pounds reportedly sold for $215. North of Saskatoon, Simmental-based steers weighing 610 lbs. were valued at $222 and run-of-the-mill mixed steers averaging 700 lbs. were quoted at $204. In southern Manitoba, red mixed steers weighing just over 500 lbs. were valued at $240 and Charolais-based heifers averaging 600 lbs. were picked up at $187.
New-crop barley prices in central Saskatchewan are quoted at $7/bu. We’ve seen the world barley markets jump by US$70-$80/tonne over the past couple weeks. The feeder market is on the defensive with the rally in the feed grains. Wars tend to enhance inflation and beef demand is also a concern moving forward.
— 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.
