This week’s Cattle Market Update from Saskatchewan Agriculture as of May 12. Highlights include:
· Saskatchewan feeder steer prices were mostly improved this week with the exception of the 400-500 lb. steer category which was lower by $3.54 per cwt. All other weight categories realized increases, ranging from $5.80 per cwt in the 600-700 pound to $1.44 per cwt in the over 900 pound steers. On average, Saskatchewan feeder steer prices increased by $2.89 per cwt over the week.
· Saskatchewan feeder heifer prices experienced an average increase of $1.27 per cwt for the week, with the lighter cattle reporting lower values and heifers over 500 pounds registering increases in value. The prices for 300-400 pound heifers decreased $6.30 per cwt, while prices increased $5.80 per cwt for 800+ pound heifers compared to the previous week.
· Feeder cattle futures experienced positive gains this week on the strength of boxed beef prices and resumption of activity at packing plants that had been affected by COVID-19 related workforce limitations. On Friday, the May feeder cattle contract closed at $127.90 per cwt. up $10.075 per cwt over last Friday’s US$117.825 per cwt settlement. The August contract increased by $9.30 per cwt for the week to settle at US$136.95 per cwt.
· Live cattle futures prices, traded higher compared with last week. The June contract increased US$7.40 per cwt relative to last week to close at US$94.65 per cwt on Friday. The August contract increased $7.65 per cwt compared to the previous week to settle at US$100.20 per cwt.
· Choice beef cutout prices (600-900 lb.) for the week averaged US$441.53 per cwt for the week, up US$92.52 per cwt from US$349.01 per cwt the previous week, an increase of 26.5 per cent, and $218.04 per cwt higher than the same week a year ago when it was valued at $223.49 per cwt.