I am referring to are in Canada. They are US packers. The prices they pay are for Canadian cattle. They are selling into the US market.
If you look at the data the Canadian exports to the US, before mad cow, were larger than the US exports to Japan. If you are only looking at the US market then you are are not looking at the total market. Your feeder cattle is based on the US market. But if you are counting on the prices rising because of the loss of export markets you are neglecting to look at the market closure into the US. If you are getting data from US producers then I would be suspicious. As I stated above R-calf are one of the groups that are trying to keep out the US imports(both live and boxed).
QUICK FACTS
Canada has close to 13.5 million cows and calves. About 5.7 million (or 42 per cent) are in Alberta.
Canada's total beef exports amount to $2.2 billion annually, and have risen sharply in recent years. Since 1991, beef exports have risen from 100,000 tonnes to about 500,000 tonnes. Growth in exports has been greatest to Japan, South Korea and Mexico. Alberta's share of total beef exports is 39 per cent (worth about $860 million a year).
http://www.cbc.ca/news/background/madcow/index.htmlChicago market does not reflect the prices in Canada. Also packers paying a low price have no obligation to sell below market.
The market is not a market!