Adequate supplies and poor demand again conspired to lower fed cattle prices last week. Almost all cattle traded under $80 per hundredweight, Canfax said.
Alberta prices July 16 were steers $78-$79.65 per cwt., flat rail $131.35-$131.90, and heifers $79.25-$80.70, flat rail $133.50-$134.
Wholesale beef supplies are still backed up, but movement picked up slightly.
Canfax said producers in Canada and the United States seemed more willing to sell cattle and that might be the first step toward clearing out heavy cattle and getting current. The average carcass weight of animals slaughtered the week ending July 11 was 784 pounds compared to an average of 746 lb. last year.
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The outlook is for no change in prices in the next week or so. Cow prices were steady last week and Canfax expects no change this week.
Feeder cattle prices were steady on small volumes.
Most auction marts reported cow sales with few feeders or yearlings. Yearling sales are expected to pick up in August. Prices will probably weaken as the fall run approaches.
Stock bred cow sales were poorly quoted this week and bred heifers weren’t quoted at all. Bred cows ranged from $800-$950. Cow-calf pairs sold from $700-$1,250 with the bulk from $800-$1,100.
Hog prices hold
Hog prices at U.S. auction markets fell early last week but then rebounded at week’s end. The Omaha price July 17 was $37 per cwt. up $2 from the week before. U.S. packers increased bids to get sufficient supplies for a large Saturday kill.
Canadian prices dipped and then rose, but averages were lower than the week before.
The Canadian Pork Market Review from the George Morris Centre says hog prices have fallen faster than pork prices recently. This has helped put packers back in a profitable situation, allowing them to bid up hog prices in the short term.
The Fletcher’s labor settlement should also help hog prices.
