Hogs edge higher
U.S. cash hogs rallied last week on big slaughter demand but prices could come under pressure this week as pork belly prices fell.
A recent stretch of rain and cool weather down the eastern seaboard is slowing grilling demand.
Iowa-southern Minnesota hogs delivered were US$50-$53.50 per hundredweight May 5, up from $49-$51.50 Apr. 28.
U.S. hogs averaged $71.27 on a carcass basis May 5, up from $69.28 Apr. 28. The U.S. pork cutout was $81.65 per cwt. May 5, down from $82.54 Apr 28.
The estimated U.S. weekly slaughter for the week to May 5 was 2.214 million, up from 2.139 million the previous week.
Slaughter was 2.111 million last year at the same time.
In Canada the Signature 3 price for the week ending May 7 was C$75.51 per cwt. or $166.46 per 100 kilograms, up from the previous week’s $71.32 and $157.23.
The Canadian Bison Association said Grade A bulls in the desirable weight range sold at prices up to C$6.00 per pound hot hanging weight. U.S. buyers are offering US$4.45 with returns dependent on exchange rates, quality and export costs.
Grade A heifers sold up to C$5.75 U.S. buyers are offering US$4.35.
Animals outside the desirable buyer specifications may be discounted.
Ontario Stockyards Inc. reported that 568 sheep and lambs and 19 goats traded May 2.
A light run of sheep, lambs and goats sold at much higher prices.