The leaves are off the trees, the fall special sales calendar is packed, and the week ending Thursday, October 22 gave Ontario's cattle markets a split verdict: heifers firmed up, steers and cows slipped, and the calf run came in heavy. Here is what actually traded, in real dollars per animal.
Fed Cattle: Steers Ease, Heifers Firm Up
Only 406 fed cattle moved through Ontario auctions this week, down 26 head from last week and 138 head below the same week last year. On the direct-to-packer side, A grade steers and heifers traded dressed at $505.00/cwt, fully steady with the previous week, with cattle being booked for the weeks of November 9 and 16 delivery.
Large and medium frame steers over 1,250 lbs averaged $293.83/cwt, down $4.41 from last week and $15.10 below year-ago prices. In real money, a 1,400 lb steer at this week's average brought about $4,113, versus $4,175 last week. That is a drop of roughly $61 per animal week over week, and about $211 less per head than the same time last year.
Fed heifers told the opposite story. Large and medium frame heifers over 1,000 lbs averaged $298.71/cwt, up $4.89 on the week (though still $11.48 under year-ago). A 1,150 lb heifer at that average is roughly $3,435, about $56 more per head than a week ago. Heifers actually out-averaged steers this week.
On the rail, Ontario steer carcasses are averaging 1,004 lbs and heifer carcasses 855 lbs. At $505/cwt dressed, that works out to about $5,070 per steer carcass and $4,318 per heifer carcass before grade and yield discounts.
Cull Cows: The Week's Sore Spot
Cow receipts jumped to 2,284 head, 404 more than last week, and the extra supply pushed prices down. Cows averaged $151.06/cwt, down $12.26 from last week and a hefty $29.53 below year-ago. A 1,400 lb cow that fetched about $2,286 last week brought roughly $2,115 this week, a drop of about $172 per animal. Compared to last year, the same cow is worth about $413 less. Beef breed cows held better at $186.86/cwt, still down $5.97 on the week.
Bulls were the quiet winner: at $267.14/cwt, up $31.17 from last week, a 1,800 lb bull averaged about $4,809, roughly $561 more per head than a week ago.
Stockers and Feeders: Big Volumes, Softer Bids
The calf run is on. Total receipts hit 12,435 head, with 7,787 stockers and feeders selling through Ontario auctions, up 554 head on the week and 826 head above last year. Steer feeder prices averaged $10.48/cwt lower than last week, with heifers down $21.23/cwt. Markets reported feeders trading steady and stockers under good demand at steady prices, but the averages say buyers had plenty to pick from.
- 400-499 lb steers: averaged $705.85/cwt, actually up $12.67 on the week. A 450 lb steer calf at that price is about $3,176 per head, with the top of the range at $845/cwt (roughly $3,802 for that same calf).
- 500-599 lb steers: averaged $616.41/cwt, down $13.92. A 550 lb steer works out to about $3,390.
- 600-699 lb steers: averaged $567.28/cwt, up $6.04. A 650 lb steer is about $3,687.
- 500-599 lb heifers: averaged $554.02/cwt, down $9.93. A 550 lb heifer is about $3,047.
- Individual sales showed real fireworks at the top end: Hoard's Station saw 400-499 lb steers top at $845/cwt and under-400 lb steers reach $920, while Brussels hit $940 on 400-499 lb steers.
One eye-opener from Kawartha Lakes on October 17: bob veal under 125 lbs averaged $1,309.76 per head, topping out at $2,100. Veal over 600 lbs averaged $327.88/cwt.
The Backdrop: Less Beef Moving, Weak Basis
Federally inspected processing in Ontario was 8,691 head for the week ending October 17, down 1,906 head (-18%) from the prior week, though year-to-date processing is still 1.2% above last year. Eastern Canadian processing ran 14% below year-ago levels. Eastern fed cattle and cow exports to the U.S. were 2,080 head, 25% lower than last year, and YTD exports are down 9%. Feeder exports to the U.S. were 1,105 head, 11% above last year.
South of the border, U.S. dressed sales ranged $345-355/cwt (up $5), live sales hit $226-228/cwt, and Choice boxed beef cutouts averaged $371.85/cwt. Meanwhile the Alberta/Nebraska cash-to-cash basis sat around -22.00, one of the weakest levels of the year, meaning Canadian fed prices lost ground to the U.S. market. On the CME, December live cattle closed at 231.13 (unchanged), November feeder cattle at 348.13 (up 1.20), and December corn at $4.560/bu, down 4.4 cents. Cheap corn is a real silver lining for backgrounders feeding calves into winter.
Headed to a Sale? Here's What's On
Special fall sales season is in full swing. This Saturday, October 24 alone:
- 9:00 AM: Keady Livestock Market, Bruce Peninsula Presorted Charolais Calf Sale
- 11:00 AM: Denfield Livestock Exchange, Vaccinated Calves and Yearlings
- 1:00 PM: Brussels Livestock, Bred Cow Sale
- 7:00 PM: Maple Hill Auctions, Speckled Park Sale
The week ahead brings presorted Charolais X calves at Keady (Oct 27), Aylmer's fall stocker sale (Oct 28), bred cow sales at Temiskaming (Oct 30), and Angus and Hereford influence sales at Brussels (Oct 30).
Bottom Line
Heifers gained ground while steers gave a little back, and cull cows took the hardest hit of the week as volumes swelled, about $172 per head less than seven days ago. The calf run is heavy, and buyer competition kept top-end calves very much alive, but averages drifted lower nearly everywhere. If you are selling fed cattle, the direct trade at $505/cwt dressed is holding steady with delivery slots into mid-November. If you are holding cull cows, this week's tape argues for paying attention to the calendar.
That's the market. Weigh your cattle, know your break-even, and we'll see you at the sale barn.
Data sourced from the Beef Farmers of Ontario Weekly Market Report. Published every Saturday by The Butcher's Journal.