Cattle prices dip during holiday week
Fed cattle prices tumbled an average of $2 per hundredweight last week despite fewer animals on offer.
Thursday’s trade saw steers at $81-$83.25 and heifers at $78.25-$82.
Canfax says the holiday-shortened week should cause reduced farmer marketing and less packer demand. Cattle supplies are large and in the U.S. average carcass weights are trending higher. The fear is the pipeline will start to back up.
Canadian Cattle Buyer newsletter says as feeders enter a period of variable returns, the tendency will be to hold cattle. Lower feed costs coupled with lower cow slaughter will pull average carcass weights up.
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Many U.S. analysts expect cash fed prices to fall to $60 (U.S.) per cwt. later this summer, down about $4 from late June.
The feeder cattle market saw steady prices and reduced supplies. Canfax said prices should hold if demand doesn’t dry up.
Hog prices climb
Canadian hog prices followed the runup in U.S. prices. Hot, humid weather reduced U.S. hog marketings early in the week, causing packers to boost bids. The USDA pig report released June 30 showed U.S. hog herd rebuilding at a slower pace than expected.
Good demand for fat lambs
Saskatchewan lamb prices are $1.30 a pound, slaughter sheep are 35 cents a lb. and goats 55 cents. The Saskatchewan Sheep Development Board says there is good demand for fat lambs 90-115 lb.
Prices at Edmonton last week were market lambs 95-115 lb. at $1.09-$1.24 per lb., feeder lambs 61-80 lb. at $1.20-$141 per lb. and sheep all weights at $61.50 per cwt.
