Hogs still strong
Hog and pork prices rose again, which was in keeping with the usual seasonal strength but also a little higher than expected.
Wholesale pork prices tend to top out around late June after retailers fill inventories for U.S. Fourth of July holiday grilling advertisements.
U.S. pork in cold storage was down .5 percent from the previous month and down 3.9 percent from the previous year. However, the monthly drawdown is usually more than that. The market will closely watch pork in storage. Hog production is expected to rise in the third quarter, and any backup in supply would add to the downward price pressure at that time.
U.S. hogs averaged US$85.85 on a carcass basis June 23, up from $84.72 June 16.
The U.S. pork cutout was $101.15 per cwt. June 23, up from $95.63 June 16.
The estimated U.S. weekly slaughter for the week to June 24 was 2.144 million, down from 2.179 million in the previous holiday shortened week.
Slaughter was 2.096 million last year at the same time.
In Canada, the average Signature Five price for the week to June 24 was C$207.56 per 100 kilograms, up from $195.20 the previous week. On a per hundredweight basis, the average price was $94.15, up from $88.54 the previous week.
The Canadian Bison Association said Grade A bulls in the desirable weight range sold at prices up to $6.30–$6.50 per pound hot hanging weight. U.S. buyers are offering US$4.75 or more with returns dependent on exchange rates, quality and export costs.
Grade A heifers sold up to C$6-$6.30. U.S. buyers are offering US$4.50.
Animals outside the desirable buyer specifications may be discounted.
Ontario Stockyards Inc. reported that 739 sheep and 40 goats sold June 19. All classes of lambs sold $7-$15 cwt higher. Good sheep sold $5-10 higher. Goats sold steady.