Cattle future contracts started off strong, then levelled out

Cattle market mixed

Please find attached the latest Cattle Market Update for the week ending May 21. Highlights for the week include:

·         Feeder steer prices were mixed to higher across the weight categories when compared to prices reported the previous week. The largest price increase was seen in the 400-500lb weight category, improving $5.50 per cwt to end the week averaging $243.17 per cwt. The largest price decrease week over week was in the 600-700lb weight category, with prices decreasing $1.83 per cwt to end the week averaging $211.17 per cwt. The 800-900lb weight category ended the week with an average price of $180.00 per cwt. The weekly average steer price across the reported weight categories was $204.62 per cwt in Saskatchewan.

·         Saskatchewan feeder heifer prices were mixed across the reported weight categories when compared to prices reported the previous week. The largest price increase was seen in the 600-700lb weight category, with prices increasing by $4.18 per cwt to end the week averaging $182.10 per cwt. The largest price decrease was seen in the 800+lb weight category, with prices declining by $1.55 per cwt to end the week averaging $157.20 per cwt. The weekly average heifer price across the reported weight categories was $180.09 per cwt in Saskatchewan.

·         Live cattle future contracts saw a large increase on Tuesday and then trended sideways for the remainder of the week, ending the week higher. The June live cattle futures contract saw a price increase of US$2.375 per cwt relative to the previous week to settle at US$117.675 per cwt on Friday. The August contract saw a price increase of $2.100 per cwt compared to the previous week to settle Friday at US$120.925 per cwt.

·         Choice beef cutout prices (600-900 lb.) for the week averaged US$323.14 per cwt, up US$9.08 per cwt from US$314.06 per cwt the previous week, an increase of 2.9 per cent. The Choice beef cutout is 20.3 per cent lower than the same week a year ago when it was valued at $405.40 per cwt when beef supplies were lower due to reduced slaughter at plants because of COVID-19.

Natasha Wilkie, BSA, PAg

A/Provincial Cattle Specialist

Livestock Branch, Ministry of Agriculture

Cattle market mixedCanfax report for week ending May 21