Prices of fed cattle and cull cows has been strong, according to Brian Perillat, Manager and Senior Analyst with Canfax.

"Fed cattle continue to be grinding a little bit higher," he said. "They've been on the rise, for the last couple of months....There's a lot of feedlots saying there's a little bit of profit in these cattle, which they haven't really seen much of in 2019."

He notes they'll be keeping an eye on the Canadian dollar, which recently broke out over 77 cents, the highest since 2018.