Fed prices stronger
Fed cattle traded steady to slightly higher with steer prices ranging from $84.60 to $88 per hundredweight, said Canfax.
The weekly averages rose slightly with steers at $87.34 per cwt., up 51 cents from the week before and heifers at $87.33, up 20 cents.
U.S. destined cattle traded at the higher end of the scale. Not all cattle available were sold.
The Canada-U.S. basis widened to $15.84 under.
Fed cattle exports for the last week of December totalled 11,756 head. In 2006, a total of 704,248 head were exported.
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Fed cattle inventory is up. The first week of the year saw lots of cattle on offer, pressuring prices lower, said Canfax.
Feeders mixed
The market was not well tested with about 4,700 head selling, down 22 percent from last year, said Canfax.
Light steers 300-600 lb. were under pressure, falling $2-$4 and heifers 300-600 pounds down $2-$4.50.
Heavy steers were stronger with 700-900 lb. and heavier up 50 cents-$3.75 and heifers 700-900 lb. up $1.25-$1.75. Heifers 900 lb. and heavier fell $1.25.
For the week ending Dec. 30, 2,282 head of feeder cattle were exported.
Butcher cows were 50 cents-$1 higher and butcher bulls $1 higher than the week before Christmas.
Volumes should pick up this week and if prices follow historical trends, there will likely be some downward pressure, said Canfax.
With the delay in the calf run in November, Canfax anticipates large offerings of feeders still to come.
Beef prices rise
The beef complex was higher last week with Choice cutout up $2.70 US to $147.10 and Select up $3.51 to $132.08. The Choice-Select spread narrowed to $15.02 from $15.83. This is well above historical seasonal levels of $8.
The Canadian cutout was $157.44 for AAA and $149.29 for AA.
Retailers will focus on lower priced cuts of beef as consumers recover from the holiday spending spree.
End cuts will be in higher demand than in the past few weeks.
The Calgary wholesale price for delivery last week was higher at $146-$147.
Hog prices down
A good supply of hogs and weak packer demand pressured U.S. cash hog prices.
Packers had large supplies of unsold pork.
But hog prices were expected to start climbing this week as packer profit margins improve and full slaughter weeks resume.
The Iowa-southern Minnesota live cash price for hogs delivered to plants fell to $41.50 US per cwt. on Jan 5, down from $44.50 on Dec. 29.
The U.S. composite pork carcass cut-out value was $62.59 on Jan. 5, down from $63.73 Dec. 29.
