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Beef Market Update: Strong Canadian basis a positive story in the face of rising feed costs

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This cattle market is one thing proper now, to say the least.

Demand has been unbelievable — exports are robust, and home consumption is there, and but, it’s not making its manner again to the main producer in phrases of pricing, creating a irritating scenario for feeders.

Anne Wasko, of the Gateway Livestock Alternate, says that sentiment is legitimate as we head into the Could.

“Again, this week, the U.S. choice cutout is up $11.5 from last week, so $294 last night on the choice. It’s crazy. So again, restaurants — especially south of the border, as restrictions get lifted — we can still see that in-buying happening. They are busy pulling from the retailer that was busy selling beef prior to this. But, U.S. cash (cattle) prices were down a buck to $2 this week in Texas,” she explains. “So it’s not just a low cost scenario frustration for cattle feeders.”

With Lethbridge barley hitting a new excessive this week, and a robust loonie, it’s straightforward to rattle off the challenges dealing with cattle feeders, however the robust native basis is a positive story. Wasko says it’s the complete mixture of the U.S. worth being down, Alberta costs being up on robust slaughter ranges, and sure, the Canadian greenback being over 81 cents.

“Certainly even the processors in Canada and western Canada in particular are running at extremely solid levels for these young cattle. For steering heifers, slaughter continues to be outstanding,” Wasko says. “So even prior to the implications of year over year changes of COVID-19, our slaughter is up, working lots of overtime, and whatnot. So demand to process these cattle obviously is strong.”

Take a look at the full dialog between Shaun Haney and Anne Wasko, under:

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