Hog prices still riding high
Hog prices rushed higher thanks to expectations of increased sales to Japan and other Asian countries in the wake of Taiwan’s hoof-and-mouth disease.
The hog 100 index average weekly price in Western Canada was up about $8 from the previous week.
Manitoba Agriculture says the biggest opportunity is for fresh and chilled pork exports to Japan. The import tariff of 24 percent on frozen product remains in effect until July 1. In the U.S., the Omaha price increased to $57.50 U.S. per hundredweight last week.
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Fed cattle prices down
Fed cattle prices fell with weekly averages slipping $2.50 to $3 a cwt. Weekly sales were the largest since this time last year. More “green” cattle – on feed for too short a time – were in the mix.
Packers now have extensive inventory. Canfax expects prices to hold at current levels. The U.S. market looks stable in the near term and although supplies are large, they are not expected to grow further.
American analysts predict prices there will fall to $60-$63 per cwt. in the late summer and some warn the drop could come in June.
The feeder cattle market saw higher prices for light animals and lower averages for heavy ones.
Replacement heifers for breeding were in demand as were cattle ready for grass.
Sheep steady
Sheep prices were mostly stable. In Brandon, Man., bids for market lambs 95-110 pounds were unchanged at $118 a cwt. In Saskatchewan old crop lambs fetched $125 and new crop $140-$150. In Edmonton, lambs 95-155 lb. were $133-$135 and 61-80 lb. saw bids of $128-$162.
