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Beef Market Update: Canadian cash market sees some gains, basis levels continue to rise

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When it comes to summing up this previous week within the beef market, Anne Wasko, of the Gateway Livestock Alternate says there are two tales to take a look at when it comes to the cash market.

Within the U.S., the cash market didn’t actually come up, sadly — it’s nonetheless sitting round that $119 mark. Nonetheless, in western Canada, we did get some beneficial properties.

“Our averages are going to be up about a buck and a half,” says Wasko, on this weeks’ Beef Market Replace. “So we’ll get up to about that $163.50 area. In the 160’s means there’s probably some cattle finally back in the black. It’s been a long time, but that’s where the market is going to average this week. So that’s good news.”

The opposite story to this, in accordance to Wasko, is the continuation of a robust cutout worth — closing over $316 Thursday evening on the selection.

“That’s up over $10 from last week,” she says. “Demand continues to be strong. Exports are record large. Of course we’ve got this pent up demand as restrictions get lifted, and, processors in the U.S. aren’t getting through as much cattle as they’d like. So, when you kind of short the supply a little bit, that’s going to keep that cutout strong.”

A part of the storyline behind that western Canadian cutout value — which is round $272 to $276 delivered — is that we’re going to be at one other week at a document spot basis.

“$19/100 over the U.S. market this week. Over! Our five year average is 11 under for this week. It’s incredible. That’s how that’s come about in terms of the market being so strong here,” Wasko explains, including the Ontario dressed market is fairly steadily at $252.

That fed cattle basis can also be translating into very sturdy feeder cattle basis, says Wasko. “Believe it or not, if you’re selling feeder cattle today — fed March and April are 8 and a half weight, priced. Here in Alberta, it was about $15/100 over the U.S. equivalent cash market.”

Take a look at the complete Beef Market Replace, beneath:

 

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