Beef keeps riding high
Fed cattle weekly average prices rose 75 cents per hundredweight last week.
Based on a live f.o.b. feedlot sale, heifers broke through a previous price record from the spring of 1993 when they hit $101.85 per cwt., said
Canfax.
Flat carcass trade (at feedlot) also posted new highs at $170.30 per cwt. on steers and $171.30 on heifers.
Volumes were up as a few more cattle were pulled ahead to take advantage of the strong prices. Some cattle were sold for delivery later this month.
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Alberta prices Dec. 9 were steers $96.75-$99.95 per cwt., flat rail $168.85-$170.30 and heifers $98-$101.85, flat rail $171.30.
Packers have reduced kill rates to push up wholesale beef prices, but resumed their normal pace last week. Disruptions will be expected during the holidays.
Wholesale beef prices climbed again with the Montreal price up $3 to $168 per cwt. last week.
Calgary’s handyweight steers this week are up $2-$4 in a range of $165-$176 with tops to $182.
Canfax said the August-September yearling run is selling and the supply of market-ready cattle is manageable. Cattle prices are expected to trade steady to slightly lower to the end of the month.
Cow prices were steady to $1 per cwt. higher. The supply of cows available may increase into the Christmas break as some producers look to sell cows they put on feed back in October. This might make it hard to hang on to recent price gains.
Feeder cattle prices sold steady to stronger on high demand and diminishing volumes, said Canfax. Sales continue to be reported where 850 lb. yearling steers bring $125 per cwt. or more. The extremely strong fed cattle market is fueling the feeder and yearling market. Canfax said the strong market should continue into 2000. Pen space still needs to be filled and tax dollars spent.
In stock cow trade, bred cows were $700-$1,660. Most good quality cows traded from $1,200-$1,400 with tops to $1,600.
Medium types were mostly $900-$1,200. Plain types were $700-$900.
Bred heifers were $800-$1,750 with quality types $1,100-$1,500 with a few sales higher. Medium quality heifers were $1,100-$1,200 and plain heifers were $800-$1,000. Cow-calf pairs were $1,100-$1,350.
In the Chicago futures market, cattle prices dropped sharply Dec. 10 due mainly to technical issues related to price charts.
Pork prices fall
Demand in the United States for pork continued strong, particularly for bellies and butts.
Despite good movement, U.S. prices fell during the week.
Iowa-southern Minnesota hog prices (at plant, 51-52 percent lean, live equivalent) on Dec. 10 ranged $31.50-$39.50 (U.S.) per cwt. with a mean of $37.56, down 60 cents from the previous Friday.
The at-plant, 49-51 percent lean price Dec. 10 was $42-$50.08 per cwt.
U.S. slaughter was below two million head for the first non-holiday week since mid-September.
Ham prices started the seasonal decline and were 11 cents per pound lower Dec. 10 compared to a week earlier. Chicago hog futures prices took a sharp drop on Dec. 10 due to technical chart issues.
The average Manitoba Index 100 hog price including premiums was estimated at $141 per 100 kilograms for the week, down $1 per ckg.
