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Cattle market analyst Anne Wasko from Gateway Livestock says that's largely due to tariff uncertainties leading up to April 2nd.
She notes despite that cattle prices in Western Canada have remained strong, hitting record highs across all classes of cattle with slaughter cow prices hitting another high last week.
"So it's been a very interesting and volatile time. I think one of the other things that's going to stand out from the first quarter of this year when the dust does settle and we can look back on it. Ahead of this April 2nd date, we did see a lot of fed cattle and feeder cattle leaving Canada making their way into the U.S. under the anticipation of possible tariffs.
Wasko says that movement further tightened local supplies.
The January 1 cattle report from Statscan confirmed a continued decline in cattle numbers, exacerbated by the movement of cattle to the U.S. The latest report shows a four per cent drop in feedlot cattle inventory in Alberta and Saskatchewan, the lowest since 2018.
Producers have been cautious, with March placements at their lowest level since 2000, excluding COVID-19 impacts. As the industry adapts, feedlots are chasing smaller supplies, and prices remain strong. On the calving side, favourable weather has helped, but moisture will be crucial for grass growth.
Wasko advises producers to stay informed and adapt to the ongoing uncertainties, emphasizing the importance of strong prices and support from Mother Nature to maintain production levels.
The focus now shifts to demand, with concerns about the global economic slowdown and potential U.S. recession impacting beef demand. Despite these challenges, the industry remains resilient, with producers taking proactive measures like livestock price insurance to navigate the uncertainties.
To hear Glenda-Lee's interview with Cattle Market Analyst Anne Wasko click on the link below.