Fed prices lower
Fed cattle prices were steady to slightly lower with steers $76.75-$79 per hundredweight live and $132.35-$132.85 on the rail. The weekly average price fell 85 cents to $78.97, Canfax said.
Heifers traded $78.25-$79.75 live and $132 on the rail. The weekly average fell 40 cents to $79.03.
Volume rose to 18,000 head compared to 13,500 the week before, but that didn’t clear out the show list and cattle were carried over.
Fed cattle exports two weeks ago totalled 18,625 head.
The Canada-U.S. cash-to-cash basis widened slightly to $10.61 under.
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Canfax said that given current prices, producers seem to be offering only what they feel must be moved, which should limit significant increase in the show list size.
Cash fed prices rose a little in the U.S. last week, but analysts believe U.S. slaughter is running higher than what the market needs and beef supply is growing, even as big hog slaughter floods the market with pork.
The rising Canadian dollar is also working against any recovery in Canadian fed cattle prices.
Beef under pressure
Canadian packers have lots of beef supply, pressuring wholesale prices. The Calgary wholesale market for delivery this week was $2-$5 lower at $136-$138, Canfax said.
In the U.S., Choice cutout on Oct. 18 was $145.40 US, up 44 cents from the week before. Select was $1.25 lower at $133.11.
Boxed beef movement was up with about 1,500 loads reported sold. Movement must remain strong to keep up with large slaughter.
Dollar, feed costs hurt
The strong loonie, combined with high feed grain prices, pressured the feeder market, although a slight increase in bid activity occurred later in the week, Canfax said.
Feeder prices fell in most weight groups. Mid-range 500-700 pound steers were the exception, creeping 15-30 cents Cdn higher.
Quality and volume continue to be a large factor on feeder prices.
Auction volume increased 55 percent over the week before but was still well below last year.
Exports to the United States for the week ending Oct. 13 totalled 18,807 head.
D1, 2 cows were mostly steady at $31.96 Cdn per cwt. Butcher bulls were steady at $31.03.
Limited trade was reported on bred cows and cow-calf pairs with a range of $400-$880.
As harvest and fall work winds down larger volumes were expected, pressuring prices. U.S. buyer interest is expected to provide the floor price.
In stock cow trade, bred and cull cow numbers should increase. That and bologna bull disposal should keep pressure on the market.
Cash hogs steady
U.S. packers have kept hog slaughter rates at or near record high levels for the past few weeks and this has taken away some of the pressure from rising hog supplies, but traders felt the current demand for pork could not continue at such high levels for much longer.
Iowa-southern Minnesota hogs traded at $43.50 US per cwt. on Oct. 19, steady with Oct. 12.
The U.S. composite pork carcass cut-out value closed at $62.03 per cwt. on Oct. 19, up from $61.84 on Oct. 12.
U.S. slaughter for the week was estimated at 2.33 million, compared to 2.35 million the week before and 2.2 million a year ago.
Bison report
The Canadian Bison Association said prices were steady last week but the stronger Canadian dollar might pressure prices lower in the near future.
Grade A carcasses from bison bulls younger than 30 months in the desirable weight range were $1.80 to $1.95 Cdn per lb. Heifers were $1.65 to $1.90.
Rail prices for top quality, youthful, older-than 30-month bulls and heifers averaged $1.70 per lb.
Cull cows ranged from 60 to 70 cents per lb. hot hanging carcass. Bulls were 45 to 65 cents.
Check with marketers regarding large herd bulls for prices and acceptability.
Sheep, lambs weaker
Beaver Hill Auction in Tofield, Alta., reported 1,279 sheep and 181 goats traded Oct. 15.
Prices were sharply lower. Buyers said they have a large supply of fat lambs. High feed prices and the strong dollar also weighed on prices.
Lambs lighter than 70 lb. were $80-$128 per cwt.
Lambs 70 to 85 lb. were $85-$124, 86 to 105 lb. were $93-$111 and 106 lb. and heavier were $87-$110.
Rams were steady at $46-$75 per cwt. and cull ewes $43-$61 per cwt.
Good kid goats were $170-$212.50 per cwt.
Nannies were $57-$86 per cwt. and mature billies were $141-$160.
Ontario Stockyards reported 1,206 sheep and lambs and 98 goats traded last week. Lambs and sheep sold strong. Goats were steady.
