Fed prices weaken
After opening steady, fed cattle prices started to drop midweek.
Some higher priced heifer sales from early in the week helped support the heifer weekly average, dropping only 30 cents per hundredweight, but steers lost $1.25, said Canfax.
Nearly 24,000 head traded, down from the previous week’s big trade, but enough to keep feedlots current in their marketing. Feedlots are pulling cattle forward in many cases.
U.S. interest was light, given the $1.50-under basis to the cash.
Alberta prices May 11 were steers $83.25-$84, flat rail $137.35-$139.55 with no heifer trade reported at the close.
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Two trends are clashing in the market. Wholesale beef prices have seasonally peaked and will trend lower into summer, but feedlot supplies in Canada are fairly tight. The American market is weaker and will add to the pressure to lower cattle prices.
Beef weakens
Canadian cutouts continue to struggle under the strong dollar.
Calgary wholesale prices for delivery this week dropped $3.50 to a range of $139-$141.
U.S. Choice cutouts lost $3.30 US while the Select fell $4.20.
The lower prices sparked a larger kill two weeks ago and increased movement last week.
Feeders mixed
Feeder cattle prices were mixed with the market having a firmer tone near the end, but quality is still an issue, said Canfax.
Alberta auction market volumes were up 13 percent at 36,887 head. That was also up 13 percent over a year ago.
Steers 300-600 pounds were down 25 cents-$2.25 per cwt. and heifers 300-600 lb. were down 75 cents-$1.75.
Steers 600-700 lb. rose $1 and heifers 600-800 lb. were up $1-$1.25.
Steers 800-900 lb. fell $1-$1.50 and heifers 800-900 lb. were down 25 cents.
Heifers 900 lb. and heavier rose $2.05.
D1, 2 cows fell $1.75 to average $36.76 and butcher bulls dropped 50 cents to average $34.41.
Trade for feeder cattle will continue to be mixed, said Canfax. Even with the high Canadian dollar and limited U.S. buyer interest, there are local buyers interested in heavy feeders, but quality will affect prices.
Feeder volumes will continue to slide as grass greens up.
About 2,500 feeder cattle were exported to the United States for the week ending May 6.
Stock bred cows in central and northern Alberta traded lower at $950-$1,600, with plain end $500-$900.
Bred heifers in central and northern Alberta fell to $800-$1,000, with plain types $550-$750.
Cow-calf pairs traded lower, with most at $1,050-$1,550 and plain types $650-$1,000.
Pork prices steady
Despite declining pork prices and tightening margins, U.S. pork plants kept cash hog bids steady to stronger last week to deal with a tight supply of market-ready hogs.
The composite pork carcass cut-out value slipped to $68.74 US May 12, down from $69.05 May 5.
The Iowa-southern Minnesota live cash price for hogs delivered to plants was $48.50 May 12, up from $46-$47 May 5.
Federal slaughter in the U.S. was estimated at 1.93 million, up from 1.809 million the week before.
Lambs mostly steady
Ontario Stockyards reported 1,865 sheep and lambs and 115 goats traded. Light lambs sold barely steady, while heavy lambs were steady. Sheep dropped $2-$5. Goats sold strong.
Beaver Hill Auction at Tofield, Alta., reported 535 head sold May 8.
Lambs were steady and sheep were softer considering quality. Goats were steady to higher. One nanny with triplets sold for $450 for the family. Most goat families sold at $200-$300. Good crossbred doelings brought top dollar in all weights.
New-crop lambs under 70 lb. were $152-$160 per cwt., 70-85 lb. were $140-$159 and 86-105 lb. were $130-$141.
Old-crop lambs 86-105 lb. were $125-$135. Lambs heavier than 105 lb. were $125.
Replacement ewes were $70-$137.50. Rams were $60-$70.
Good kid goats 45-70 lb. were $170-$217.50 per cwt. Nannies were $70-$190. Billies $125-$207.50.
Slaughter bison steady
Saskatchewan Bison Association reported that Canadian rail carcass prices for top quality bison bulls younger than 30 months were unchanged at $1.70 to $1.90 per lb. The stronger Canadian dollar might pressure prices lower.
