Strong seasonal demand bodes well for cattle market
The fed cattle market held up through the summer, with recent weeks trading between $174.18/cwt and $175.32/cwt. Strong seasonal demand heading into barbeque season as well as restaurant and food service beef movement recovering to pre-pandemic levels have supported prices. At mid-July, the fed steer average in Western Canada was $175.06/cwt, an increase of $7.73/cwt higher than the start of 2022 and $22.87/cwt above the same week in 2022. The fed steer cash-to-cash basis remains wide, at -$12.51/cwt in mid-July. This is $12.48/cwt wider than a year earlier.
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