Some Manitoba auction sites had fewer cattle through the rings during the week ended Dec. 5, but prices were strong.
A total of 10,706 cattle were sold during the week, varying from 470 at Grunthal Livestock Auction Mart on Dec. 3 to 2,340 at Ashern Auction Mart on Dec. 4. Ashern and Ste. Rose Auction Mart will host their last regular sales of 2024 on Dec. 11 and 12, respectively.
Allan Munroe, general manager of Killarney Auction Mart, thinks numbers will stay strong before the holiday season. Killarney sold 1,329 cattle on Dec. 2.
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“There’s going to be one more big week and then everything slows down for Christmas,” he said. “Right now, everything’s in demand. This market gets stronger every day.
“We’re seeing more cattle next week than we normally would because a number of guys don’t want to wait until the New Year to pull the trigger on a bunch of their calves because they like what they see.”
The highest feeder steer prices surpassed $600 per hundredweight at most of the auctions in the province. On the other hand, feeder heifer prices at some sales failed to exceed $500/cwt.
D1 and D2 slaughter cows were sold at a range of $140 to $195/cwt., compared to $140 to $179 the previous week. Mature bulls were sold from $168 to $219/cwt., with the previous week’s range at $155 to $219/cwt.
“(Prices) are record-setting. It’s completely unprecedented,” Munroe said. “We think it’s high today, (but) it’ll be higher tomorrow.”
Cattle futures at the Chicago Mercantile Exchange dropped to their lowest values in two weeks. The February live cattle contract closed at US$186.325/cwt. on Dec. 5, down $2.650 from Nov. 27. Earlier in the day, the contract dipped to US$186.200/cwt., its lowest price since Nov. 19.
The January feeder cattle contract ended Dec. 5 at US$254.925/cwt., a loss of $3.85 compared to Nov. 27. The day’s low of US$254.550/cwt. was unseen since Nov. 22.
Munroe said 2024 was a year to remember for cattle producers.
“It’s been a lot of fun. Guys are taking big cheques out of these places. Hopefully, the New Year brings the same thing.”
The Canadian Cattle Association welcomed a new trade agreement between Canada and Indonesia signed on Dec. 2.
A delegation led by Minister of Export Promotion, International Trade and Economic Development Mary Ng travelled to Indonesia, where she and Indonesian trade minister Budi Santoso signed a joint statement marking the Canada-Indonesia Comprehensive Economic Partnership Agreement that will be put into effect in 2025.
Members from the CCA were present for the signing and said the new agreement will secure tariff-free access for Canadian beef and create a dialogue on sanitary and phytosanitary issues.
“(The agreement) will provide further market diversification and opportunities for Canadian beef producers to compete globally and find new markets for our high-quality beef,” CCA’s statement read.
