There was a surprising turn around in fed cattle prices last week as inventory-short packers were forced to buy.
On average on the week, steers were up $4.70 per hundredweight and heifers were up $4.
On Oct. 23, steers traded at $86.75-$90.80 and heifers $88.50-$91.85, Canfax said.
The gain here was higher than in the United States due partly to a weakening Canadian dollar. The Calgary-Omaha spot basis narrowed about by $1 to -6.87.
Canfax said the jump forced packers to boost wholesale beef prices. The Montreal price this week is $175 per cwt., up $7.
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Canfax expects tight feedlot supplies for the next few weeks until the first of this summer’s grassfed animals are ready. The outlook this week was for fed cattle to be up $1.
Feeder cattle prices held up last week despite heavy supplies and fast rising barley prices. Canfax notes more calves are selling at the lower end of the price range. If barley continues its rise, feeders will fall.
Pork markets
After dropping for a couple of weeks, U.S. wholesale pork prices were slightly stronger. Hog marketings were down this week due to the U.S. harvest, encouraging packers to raise cash prices to $47 per cwt. (U.S. live) Oct. 23 to get the hogs they needed.
Many analysts believe the low in hog markets has been reached and prices will start to rise.
Alberta sheep prices are not available this week. Saskatchewan Sheep Development Board liveweight prices are: lambs $1.14 per lb., slaughter sheep 42 cents per lb. and goats 60 cents a lb.
