Price rise follows heavy trading
CALGARY (Staff) – Considerable movement on the slaughter side gave the industry some relief from the last six months of bargain basement prices.
Fed cattle finished the week with bids up over $4. Trade as of Aug. 8 saw steers ranging $80.30 to $83.45 and heifers at $80.45 to $83.60.
Beef trade was steady across the country with a lot of movement compared to the week previous. Slaughter sales could slack off because local packers have to hold cattle before they can move them through the beef chain in an orderly manner.
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Beef has been widely featured this summer to encourage more movement of surpluses through the retail end. An Alberta Agriculture survey that tracks the average price on six cuts showed summertime prices are steady but below the average of the last two years. Summer sales for 1994 and 1995 were up around $3.60 to $3.80 a pound for retail cuts but this year average beef prices are hovering just above $3.20 per lb.
Demand for boneless beef
In the eastern beef trade domestic boneless beef climbed seven cents with good consumer demand. The cow trade continued with steady prices gaining
$2. 25 to $3.75 over last week in Eastern Canada and $1 in the West. Eastern D2 cows were fetching $47.95 to $58.60 per cwt. The same grade in the West was bid at $43 to $52 with the top end earning $54.
Byproducts like head and cheek meat were in good demand while tallow prices tightened. Domestic meat production is up nine percent over last year with 1.2 million pounds of beef produced so far.
Pork is down five percent with 1.6 million pounds of meat available so far.
