Statistics Canada reported the January 1 inventory of cattle and calves was down 0.7% from a year ago. The Canadian inventory of cows and heifers that have calved was down 0.6%. The 2013 Canadian calf crop totaled 4.4897 million head, up 0.6% from the year before. The Canadian cattle herd is roughly one-seventh the size of the U.S. herd.
This week's cattle slaughter totaled 548,000 head, down 3.9% from the previous week and down 8.4% from the corresponding week last year.
The average steer dressed weight for the week ending on February 22 was 866 pounds, up 4 pounds from the week before, but down 1 pound from a year earlier.
Year-to-date beef production is down 7.0%.
Feeder cattle prices at this week's Oklahoma City auction were not well tested in light volume due to a late winter storm. This week's prices for medium and large frame #1 steers by weight were: 450-500# $223-$232, 500-550# $231, 550-600# $200-$212, 600-650# $190-$194.50, 650-700# $174.50-$189.50, 700-750# $167-$182, 750-800# $169, 800-900# $158-$165, and 900-1000# $155.25-$160.85/cwt.
Cattle futures were mixed this week. The April live cattle futures contract closed at $143.25/cwt today, down $1.72 from last week's close. June fed cattle settled at $135.87, up $1.67 for the week. August settled at $133.85/cwt, up $1.23 from the previous Friday.
Despite a strong rally in corn prices, feeder cattle futures ended the week higher. The March feeder cattle contract ended the week at $172.37/cwt, up $1.27 for the week. April feeders closed at $173.65/cwt, up 60 cents from the previous Friday. The May feeder cattle contract gained 70 cents this week to end at $174.40.
Source: AGEBB