Activity may have slowed for the summer at Manitoba’s cattle auction yards, but optimism is high, with strong prices expected when the fall run eventually gets underway.
Only a handful of sales took place during the last week of June, with many auctions closed for the season or operating at a reduced schedule. However, prices remained historically strong for what was moving.
“The cow market is holding fairly steady, with great demand for hamburger through the summer,” said cattle buyer and Livestock Markets Association of Canada executive administrator Rick Wright.
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More cows were coming to market than usual for this time of year, he said, as high prices were drawing animals in early that would have normally moved in the fall. D1 and D2 cows were seeing prices in the $140-$150 per hundredweight area during the week, well above levels closer to $100/cwt at the same point a year ago.
Feeder cattle futures in the United States have been choppier over the past few weeks, but the local market remains strong for the few cattle still coming to market.
“The projections for the calves this fall are for the highest market we’ve ever seen,” Wright said, adding that the cattle market usually drops at this time of year but is still holding strong.
“In general, I’ve never seen the optimism in the cattle sector from all sides,” he said, noting producers selling yearlings off grass in the fall and those finishing cattle should both make good money this fall.
However, when it comes to replacing those cattle, it will cost considerably more. High input costs and rising interest rates will also cut into profit margins.
“We’ll see the prices stay (strong), but that won’t equate to massive profits for the cow-calf guys,” Wright said.
“With strong management practices and a sharp pencil, you’ll be OK,” he added, but noted it would also be easy to run into difficulties.
Strong cattle prices are also raising concerns over consumer demand, and the potential for beef to become a luxury food. Wright said consumers were already showing resistance to higher beef prices, with plenty of alternatives out there at cheaper prices.
Manitoba cattle producers will also be following the forecasts closely through the summer. “We need some rain,” Wright said, noting several dry areas across the province — although, he added, whether Manitoba gets rain or not will have little relevance to local feeder prices, as most of the cattle will be exported out of province.
