Fed cattle prices dip
Fed cattle prices lost 50 cents to $1 per hundredweight on average last week, Canfax said.
Packer bids saw wide ranges at times as they got selective in their needs heading into a holiday shortened week.
Volume for the week was up two percent to about 24,000 head.
There was interest from U.S. buyers, mainly for high percentage Choice cattle. In all, 9,940 head moved south.
The lower Canadian dollar helped U.S. sales late in the week.
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Alberta prices May 18 were steers $82.50-$84 per cwt., flat rail $138.45-$139 and heifers $83.50-$84.05.
Canfax said packers will likely keep trying to pressure fed cattle prices lower, but with feedlots current in their marketing they should be able to resist for a while.
However, fed cattle supplies will be adequate through the summer.
The kill two weeks ago was the first this year to exceed 70,000 head. Of the mix, 81 percent were fed cattle. That compares to early April when, in a 64,500 head kill, 77 percent were fed cattle.
Beef prices slip
The Canadian cutout continues at a premium to the U.S. cutout, which does not lend itself to active beef movement, but the weaker Canadian dollar should start to help move beef south, Canfax said.
The hardest cuts to move are chucks, rounds and trim.
US cutouts lost 60 cents US on Choice and $1.70 on Select, still leaving the Choice-Select spread historically wide at more than $20. A year ago the spread was $15. This indicates the limited supply of Choice cattle in the slaughter mix.
Calgary wholesale prices for delivery this week lost $1 Cdn with handyweight steers at $138-$140.
Feeder prices weaken
Greening pastures and seeding chores caused the number of feeder cattle delivered to Alberta auction markets to fall 38 percent last week. However, year-to-date volumes are still eight percent above last year.
Prices were mostly lower in all weight groups due to the limited test with light steers 300-600 pounds down $1-$3.50 per cwt. and heifers 300-600 lb. down 50 cents-$1.25.
Steers 600-800 lb. were down 50 cents-$1.75 and heifers 600-800 lb. fell 25 cents-$1.25.
Steers 800-900 lb. and heavier rose 25-50 cents and heifers 800-900 lb. were steady while 900 lb. and heavier fell $1.75.
D1, 2 cows dropped another 75 cents to average $35.89. Butcher bulls averaged $33.64, down 75 cents.
Canfax expects slaughter cow prices will continue to decline with limited demand and reductions in cow kill. Markets appear well supplied.
Feeders will remain mixed on smaller offerings and quality.
There were 2,511 feeder cattle exported to the United States for the week ending May 13.
Stock cow-calf pairs traded slightly lower with most trade at $1,000-$1,550 and plain types $550-$950.
Bred cows in central and northern Alberta were $950-$1,600 and plain types $450-$900.
Bred heifers in northern Alberta were steady at $825-$1,025 and plain types $600-$800.
Hogs edge higher
A tight supply of market-ready hogs in the U.S. supported prices last week, despite tight processor margins.
The composite pork carcass cut-out value edged higher to $69.20 US May 19 from $68.74 May 12.
The Iowa-southern Minnesota live cash price for hogs delivered to plants was $50 May 19, up from $48.50 May 12.
Federal slaughter in the U.S. was estimated at 1.95 million, up from 1.93 million the week before.
Lambs weaker
Ontario Stockyards Inc. reported 1,799 sheep and lambs and 97 goats traded. Light lambs sold $5 US per cwt. lower, while heavy lambs traded barely steady. Fat, heavy sheep were sharply discounted and all others were barely steady. Goats held firm.
U.S. bison price rises
The Saskatchewan Bison Association said the U.S. Department of Agriculture put the weighted average price for hot hanging bison bulls younger than 30 months at $179.40 US per cwt. on May 10, up $4.16 over the previous month.
The Montana’s Restaurant chain has started offering bison burgers at its 75 Canadian restaurants.
Canadian bison carcass prices remained steady with rail carcass prices for top quality bison bulls younger than 30 months at $1.70-$1.90 US per lb.
