Fed prices up
Fed cattle weekly averages rose 50 cents-$1 per hundredweight last week.
About 22,000 head traded through Canfax members, down 16 percent from the week before.
Fed cattle exports bounced to more than 7,200 head two weeks ago, the most in the previous five weeks, due mainly to producers delivering June-contracted cattle, Canfax said.
Alberta prices June 22 were steers $85.80-$87.60, per cwt. flat rail $144.85-$145.85 and heifers $86-$87.60.
Tight supply continues to dominate the Canadian market, although the Canada-U.S. basis weakened a little. But basis levels are still remarkable given historic summer levels, Canfax said.
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Japan said it would resume imports of American beef after it inspects more than 30 U.S. slaughter plants to ensure they follow safety rules, a move expected to take about a month.
Beef strong
Cut-out values held surprisingly firm for the time of year, especially considering the increased slaughter, said Canfax. The U.S. Choice cutout was $1.10 US higher while Select gained 90 cents.
The Choice-Select spread widened contra-seasonally to slightly more than $23 per cwt. A year ago it was less than $3 per cwt.
The smaller supply of Choice in the kill mix has meant a wide spread for much longer than usual. Even the Canadian AAA-AA spread at $13 Cdn is wider than the level last year at this time, of $8.75 per cwt. Boxed beef movement was a little slower.
The Calgary wholesale price for delivery this week is steady at $144-$146.
Heavy feeders rise
Alberta feeder auction market volume was 18,188, down 15 percent from the week before, but 24 percent more than last year.
Year to date, Alberta auction market volumes are up seven percent at 808,931 head, said Canfax. Prices were strong in all classes but quality is an issue with reduced volumes limiting the number of cattle on offer.
Steers 300-400 lb. fell $2.50 per cwt. and heifers 300-400 lb. fell $1.25, mostly due to quality and offering.
Steers 400-700 lb. rose 25 cents-$1.75 and heifers 400-700 lb. were up 25 cents-$1.50. Steers 700-900 lb. and heavier rose 50 cents-$4.50 and heifers 700-900 lb. and heavier were up $1.50-$3.25 thanks to firm demand.
Butcher bulls were down 50 cents and D1, 2 cows were down $1.
Canfax noted feeder volume is dwindling and demand is still strong, meaning prices should continue steady.
Feeder cattle exports for the week ending June 17 at 6,349 head were up 53 percent from the previous week.
Stock bred cows in central and northern Alberta were $850-$1,250, with plain types $450-$800. Bred heifers in central and northern Alberta were $850-$1,100 and plain types $550-$800. Cow-calf pairs were $1,050-$1,500, with plain types $650-$1,000.
Supply pressured hogs higher
The tight supply of market-ready hogs helped push hog prices higher again last week, despite the fact that U.S. packing plant margins were in the red.
With plants restricting production to try to push pork prices higher and a holiday-shortened week coming, analysts expected cash hog prices would weaken this week.
The Iowa-southern Minnesota live cash price for hogs delivered to plants rose to $59.50 US on June 23, from $58 on June 16.
The composite pork carcass cut-out value climbed all week to $82.48 June 23, up from $78.81 on June 16.
Federal slaughter in the United States was estimated at 1.82 million, up slightly from 1.81 million the week before.
Bison steady
Canadian rail carcass prices for quality bison bulls younger than 30 months are unchanged at $1.70-$1.90 per pound.
The United States Department of Agriculture price report June 12 for hot carcass weight, younger than 30 months bison bulls was $165-$180 US per hundredweight, with a weighted average of $179.12, unchanged from May.
The USDA price for aged cows was $115-$117 per cwt., with a weighted average of $115.36 per cwt., up $4.59 from May.
A significant portion of western Canadian bison move to the U.S. for backgrounding and finishing. Given developing drought conditions in South Dakota and the possibility of reduced feed supplies there, some are concerned Canadian feeder exports will suffer this fall. Producers may need to consider finishing more animals in Canada.
Sheep steady
Ontario Stockyards reported 1,663 sheep and lambs and 119 goats traded last week. All classes of lambs and sheep were steady. Goats sold steady to higher.
