Please find attached the latest Cattle Market Update for the week ending May 7. Highlights for the week include the following:
Feeder steer prices were mixed across the weight categories when compared to prices reported the previous week. The largest price increase was seen in the 400-500lb weight category, increasing $2.17 per cwt to end the week averaging $252.67 per cwt. The largest price decrease week over week was in the 700-800lb weight category, with prices decreasing $1.55 per cwt to end the week averaging $196.25 per cwt. The 800-900lb weight category ended the week with an average price of $181.31 per cwt. The weekly average steer price across the reported weight categories was $207.97 per cwt in Saskatchewan.
Saskatchewan feeder heifer prices were mainly lower across all the reported weight categories when compared to prices reported the previous week. The only price increase was seen in the 400-500lb weight category, with prices increasing by $0.17 per cwt to end the week averaging $208.50 per cwt. The largest price decrease was seen in the 300-400lb weight category, with prices declining by $11.25 per cwt to end the week averaging $204.50 per cwt. The 800+lb weight category ended the week with an average price of $161.31 per cwt. The weekly average heifer price across the reported weight categories was $187.77 per cwt in Saskatchewan.
Live cattle future contracts started the week off trading lower but then reversed the trend mid-week, ending with the nearby June futures contracts slightly lower. The June live cattle futures contract saw a price decrease of US$0.550 per cwt relative to the previous week to settle at US$116.025 per cwt on Friday. The August contract saw a price increase of $0.225 per cwt compared to the previous week to settle Friday at US$118.850 per cwt.
Choice beef cutout prices (600-900 lb.) for the week averaged US$303.51 per cwt, up US$11.72 per cwt from US$291.79 per cwt the previous week, an increase of 4.0 per cent. The Choice beef cutout is 31.3 per cent lower than the same week a year ago when it was valued at $441.53 per cwt.
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