Canada live cattle imports to decline in 2024 - GAIN
Feedlots to continue importing US feeder cattleThe USDA's Foreign Agricultural Service (FAS) in Ottawa is forecasting a decline in live cattle imports for 2024 but revising 2023 numbers upwards, according to a recent US Department of Agriculture (USDA) Global Agricultural Information Network (GAIN) report.
The 2024 forecast will see numbers return to 2021 levels as feed availability and ample fall 2023 placements will see slower import numbers in the first half of 2024. Feedlots will need to continue importing US feeders to supplement domestic supply. Locking in US corn imports should help to mitigate reductions in domestic supply in Western Canada.
The 2023 forecast is revised upward for 2023 following a larger volume of imports in the first half of 2023 as a result of improved feed conditions. Cattle pricing has also supported this movement, but with an early calf run and potential feed availability issues, the pace of imports should slow in the second half of 2023.
Canadian feedlots continue to maintain efficiency by purchasing US feeder cattle rather than returning with empty trucks when delivering cattle to the United States. Many feeders have optimized feeding strategies to finish US dairy-beef crossbreds to high grades. As these animals tend to be lower priced to purchase, Canadian feed lots will continue to utilize this strategy to fill their bunk space.