Cattle prices steady
Fed cattle prices held steady last week with averages unchanged.
Offerings were light and were a factor in supporting the steady market, said Canfax.
Alberta prices Dec. 16 were steers $98.70-$99.50 per hundredweight, flat rail $169 and heifers $98-$100.25, flat rail $168.10-$169.
Canfax said packers report beef trade is slowing into the holidays.
Many buyers are waiting to see how their current beef inventory moves and are sitting out until next year. Plants are operated below capacity to help support wholesale beef prices.
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The Montreal wholesale price gained $3 to $171 per cwt. on steers while the Calgary price was steady to $1 higher in a range of $165-$176 with tops to $182 on handyweight steers.
Canfax said the United States market fell $1.50-$2 per cwt. last week because of large marketings, allowing Canadian basis levels on fed cattle to narrow even further, a rare circumstance.
The spot western basis is now less than $1 under the U.S. market while the nearby is less than $2 under.
Expect prices to weaken slightly through the holidays as packer requirements are reduced.
January’s market will be a reflection of beef movement after New Years and available supplies, said Canfax.
The U.S. Department of Agriculture cattle-on-feed report was considered slightly price depressing because more cattle than expected were placed in feedlots.
Slaughter cow prices were generally steady, but in some rings, prices rose $1-$2, reflecting a shorter supply of top quality cows.
The stronger boneless beef market should help support cow prices this week.
Feeder cattle prices have been strong, especially for good quality animals. Volumes were just under 44,000 head, a 17 percent decrease from last year.
Canfax said the feeder market should be steady. With diminishing supplies expected, sales should hold strong well into the New Year.
In stock cow trade, bred cows ranged from $550-$1,600. Most good quality cows traded from $1,200-$1,600. Medium types were mostly from $900-$1,200. Plain types saw quotes from $600- $900.
Bred heifers ranged from $990-$1,700, with quality types mostly ranging from $1,100-$1,500 and tops to $1,700.
Medium quality bred heifers ranged from $900-$1,200. Cow-calf pairs ranged from $1,050-$1,385 on few sales.
Hog prices still up
United States hog slaughter last week under federal inspection was estimated at 2.155 million head – down 4.9 percent from a year earlier but up 8.4 percent from a week earlier and the largest weekly slaughter this fall.
U.S. hog prices rose from the previous week and remained stable.
Iowa-southern Minnesota (at plant 51-52 percent lean, live equivalent) hogs traded at $31.25-$40.25 (U.S.) on Dec. 17, with a mean of $37.64, up eight cents from the previous week.
The at-plant 49-51 percent lean carcass basis range was $41.75-$50.75 with a weighted average of $48.05.
Manitoba Agriculture said U.S. packer profit margins are apparently above normal, despite slightly lower wholesale pork prices due to the seasonal decline in ham prices.
Usually retailers have stocked up with pork for the holiday trade by this time and demand for pork decreases. However, pork movement was good last week.
Manitoba Index 100 hog prices including premiums averaged over $138 per 100 kilograms for the week.
