Canada to follow U.S. hog price drop
The U.S. cash hog market fell last week and Canadian prices were expected to follow this week.
The U.S. market was down because of lack of demand, both export and domestic. The Japanese tariff that limits pork imports came off July 1, but there is little evidence of a rush of new business.
Packers have been losing money and when they don’t have to chase supplies, such as during the short July 4 holiday week, they don’t.
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The Omaha price July 3 was $59 per hundredweight, down $1 from the previous week.
Canadian hog 100 index average in the prairie provinces for the week were up $1-$2 per 100 kilograms.
Lots of cattle available
While hog prices were dropping, slaughter cattle average prices rose $1-$2 per hundredweight despite a 53 percent increase in the volume of trade.
The range July 3 was steers, $82-$84.50 and heifers $80.50-$83.50. Wholesale prices were down a little in Montreal but up a little in Calgary. Lower hide prices pushed the byproduct value down $1.
Canfax says sustained higher fed cattle prices are unlikely and suggests to sell during price spikes.
Feeder cattle enjoyed a steady market on light sales last week and Canfax expects the trend to continue.
Lamb prices dip
Some lamb prices are down this week. Slaughter lamb base railgrade price in central Alberta is $2.20 a pound. Live weight prices are $1.06-$1.12 a lb. for 90-110 lbs. and $1.03-$1.08 for lambs weighing 110 lbs. or more.
Slaughter sheep live weight are 25-30 cents a lb. Goats weighing 50-60 lbs. are at 90 cents and 60-90 lbs. are 80 cents. Billies and nannies are 25 cents.
