![]() ![]() The weekly US range and pasture conditions rated “poor” and “very poor” has continued to rise since late May and early June. One the primary factors to continue to watch are declining pasture conditions. Given current market conditions, producers have some options to lock in a margin. Pasture and corn progress are two factors that have the potential to push prices lower in the next coming months. For example, for the week of July 17, 2010, prices reached levels not seen since the beginning of March 2020. With lackluster retail demand, the beef complex is expected to realign lower.– Elliott Dennis, Assistant Professor & Extension Economist, Department of Agricultural Economics, University of Nebraska – Lincolnįeeder cattle future price spreads across all months have recovered to near pre-COVID-19 levels as quarantine restrictions and packing plant capacity issues have been mostly sorted out.Total feedlot heifer placements from July to October are up 55,000 head.Western Canadian cow slaughter was the largest since February and is take focus from fed slaughter.Feedlots have priced quite a few cattle for first half of 2024.Barley prices continue to hover near annual lows.Corn production for grain as of November 1 st is estimated up 1% from October and 11% higher than year ago. In Western Canada with higher cow prices in October, many speculative buyers that would normally put cows on feed during this time frame, have been sitting patiently on the sidelines waiting for prices to decline. Over the past month, Alberta cow prices have been trading at a $5-22/cwt premium against the Ontario market. The market is currently in the process of working through peak non-fed numbers and cow prices are expected to bottom in the next couple of weeks. This is the largest October feeder cattle export volume since 2014.Īfter four weeks of higher prices, the butcher cow market has exhausted its run, and last week traded $4-5/cwt lower. Canadian feeder cattle exports for the month of October totaled just over 21,000 head, 240% higher than last year. Using a $0.12 price slide, the adjusted 850 lb heifer cash-to-futures basis is around -$17/cwt slightly stronger than the January five-year (2019-23) of -$20.57/cwt. Over the past couple of years, the average monthly price increase from November to January stands around 4%. AB 900+lb heifers for January delivery averaged in the mid $280s/cwt, forward delivery prices are 7% higher than the cash market. Feeders over 800 lb traded $2-6/cwt lower. In general, the calf market has fared a little bit better than the heavier weights. Western Canadian calf and feeder prices trended lower as the week progressed. The weighted average steer price eased $2.21/cwt lower than the thin trade seen last week to $230.89/cwt. ![]() bids failed to attract feedlot attention and few if any cash cattle traded South. Scattered light dressed trade was $3-5/cwt lower than the previous week from $385-387/cwt delivered, with some deals including a +$2/cwt premium for 80% AAA’s. A combination of negative packer margins, increased formula price commitments, and concerns of recessionary reduced demand, all contributed to softer North American fed cattle prices. By Canfax Canfax Weekly Article | Report for the week of November 14, 2023įollowing 12 weeks of static pricing, average Alberta fed steer prices slipped to a 28-week low. ![]()
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