This week’s Cattle Market Update looked promising for beef producers in Sask. Highlights include:
· Feeder steer prices were steady to higher this week with the 500-600 lb. steer category increasing $3.55 per cwt to $232.75 per cwt. The 600-700 pound steers increased $3.29 per cwt compared with last week to average $213.79 per cwt. The 700-800 pound steers increased $4.30 per cwt compared with last week to average $197.00 per cwt. The 800-900 pound steers increased $9.00 per cwt over last week to $183.50 per cwt. All other weight categories were not reported this week.
· Saskatchewan feeder heifer prices for the 500-600 pound heifers increased $4.30 per cwt to $197.00 per cwt, while prices increased $4.26 per cwt for 600-700 pound heifers to average $184.56 per cwt. The price of 700-800 pound heifers was 174.75 per cwt., an increase of $4.15 per cwt. Not enough data was provided to report activity in the remaining weight categories.
· Feeder cattle futures decreased this week. The August futures feeder cattle contract settled at $134.175 per cwt. down $1.175 per cwt from last Friday’s US$135.35 per cwt settlement. The September feeder cattle contract decreased by $0.275 per cwt for the week to settle at US$135.475 per cwt.
· Live cattle futures prices decreased this week, with the June contract decreasing by US$5.825 per cwt relative to last week to settle at US$93.90 per cwt on Friday. The August contract decreased $3.425 per cwt compared to the previous week to settle at US$96.175 per cwt.
·Choice beef cutout prices (600-900 lb.) for the week averaged US$297.90 per cwt, down US$76.14 per cwt from US$374.04 per cwt the previous week, a decrease of 20.4 per cent. The Choice beef cutout remains $75.33 per cwt, or 33.8 per cent higher, than the same week a year ago when it was valued at $222.57 per cwt.