Hog prices fall
The average hog price for the week fell on both sides of the border last week.
The price started lower but then climbed during the week.
American consumers appear to have eaten lots of pork, particularly bacon, over the July 4 holiday and United States retailers needed to replenish their pork stocks by mid week.
With the U.S. hog slaughter down because of the holiday, wholesale pork prices edged up, leading to improved packer margins and higher hog prices late in the week.
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Iowa-southern Minnesota hog prices (at plant, 51-52 percent lean, live equivalent) July 7 were in a range of $41.25-$55.75 (U.S.) per hundredweight with a mean of $50.87, down 13 cents from the week before.
University of Missouri agricultural economist Ron Plain’s weekly report said hot weather over much of the U.S. hog belt is expected to reduce rates of gain and lower marketings.
“Cash hog prices are expected to hold about steady for the next few weeks and could rally some with hot enough weather to materially reduce rates of gain from a year earlier,” he said.
Fewer cattle
Fed cattle sales were steady on the average for the week with the strongest prices occurring mid week.
The bulk of this week’s trade was between $90-$92 per cwt. with the top heifers fetching $93, said Canfax.
Packer interest varied from plant to plant and day to day, but overall they appeared to be working with adequate inventory.
Volumes were lighter this week, down 13 percent from last week.
Prices July 6 were steers $89.75-$92.35 per cwt., flat rail $149.40-$150.90 and heifers $90-$90.50.
Canfax said the Canada Day-shortened work week helped reduce the amount of beef in the system.
Wholesale beef prices in Montreal were down by $1 per cwt. to $152 while the Calgary market was steady to $1 lower with handyweight steers in a range of $139-$159.
Carcass weights were up with steers at 805 lb.
Western Canadian feedlots were fairly current for this time of year with many reducing numbers ahead of the grass run. The outlook is steady to $1 lower.
Cows were stronger by mid week, led by packer demand and a drop in volume.
Weekly averages were 50 cents per cwt. lower.
Most D1,2 cows were trading from $62-$68. A firmer grinding market helped stabilize and firm prices.
The outlook for this week is for steady prices.
Feeder cattle volumes across the Prairies dropped off considerably last week, keeping prices steady given similar quality, Canfax said.
Volumes for the week were only 9,500 head in Alberta but that’s not unusual for this time as farmers concentrate on haying.
Most grazing areas got good rains last week, but some southern parts of Alberta are still in dire straits.
Prices should be steady for the next few weeks and then the grass run will probably start at the beginning of August, rather than later this year, as producers take advantage of the strong market.
In stock cow trade, bred cows ranged from $800-$1,250, with bred heifers from $800-$1,100. Cow-calf pairs sold from $1,000-$1,825.
