Prices for slaughter and feeder cattle rose again last week and the short term outlook is firm.
Fed prices rose an average of $1 a hundredweight for steers and $1.25 per cwt. for heifers last week thanks to tight supplies and strong demand from Canadian packers and a return of U.S. companies to the market, said Canfax.
Wholesale beef prices at Calgary rose $2 per cwt. to a range of $128-$137.
Canfax says beef sales are considered fair, but packer margins are deep in the red. The outlook for slaughter prices is firm to higher for the next couple of weeks.
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The feeder market saw average prices steady to 50 cents per cwt. higher last week. Number of animals on offer was down eight percent from the week before and down 12 percent from this time last year.
Canfax said with the fed market so strong, there is little likelihood of a drop in the feeder market in the next two weeks.
Poor demand for pork at the wholesale level has caused hog prices to fall even though fewer hogs are coming to market.
In the U.S., the closing price Feb. 21 at Omaha was $49 per cwt., down $3.50 from the week before.
In central Alberta, the average bid for carcass lambs was unchanged at $2.40 a pound. Feeder lambs were up to $1.25-$1.30 per lb. for 50-60 lb. lambs and $1.10-$1.20 per lb. for 60-80 lb.
Bids for slaughter ewes were 40 cents per lb. live.
