Prices take hit from error
Fed cattle prices last week were shaken by an incorrect wire story that reported a recent human death from Creutzfeldt-Jakob Disease in the U.S. was associated with bovine spongiform encephalopathy.
Later in the week, large fed cattle supplies caused prices to drop $2 per hundredweight. On April 17, steers were $85.25-$88.85 and heifers were $84.25-$87.55.
Canfax said increased U.S. or Ontario demand will be needed to stop the basis from widening because of continued large supplies. But it believes there will be interest from northwest U.S. beef plants and prices should regain $1.
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Most classes of feeder cattle traded up $1-$2 per cwt. and some were as much as $4 higher. The steer-heifer spread narrowed on heavier classes.
Replacement heifers suitable for breeding are in demand.
The outlook is for supplies to be strong through April but tighten in May and early summer. Coupled with profits at the feedlot level, feeder prices are expected to hold steady.
Hog prices rise
Continued optimism about the prospects of increased sales of pork to Japan and other Asian countries drove hog prices higher.
In Omaha, Nebraska, the price closed at $57.50 (U.S.) per cwt., up from $52.85 the week before. In Western Canada, prices for 100 index hogs were up about $4-$9 per 100 kg.
The sheep market was unchanged. Canada West Foods in Alberta offered $1.30-$1.40 per lb. live for 50-60 lb. lambs. Slaughter ewes were 15-30 cents per lb. In Brandon, Man., market lambs 95-110 lb. were unchanged at $1.18 per lb.
