Fed cattle mixed
The average Canfax price on steers last week was $84.53 per hundredweight, up 19 cents compared to the previous week while heifers were $84.48, down three cents.
Sales volume rose 17 percent to about 21,000 head.
Although heavier weights pressured feedlots to keep current in their marketing, some market-ready cattle were not sold, Canfax said.
The cash to futures basis strengthened to $13.79 under compared to $18.37 under the week before.
Fed cattle exports to the United States dropped 29 percent to 5,005 head. That was 47 percent lower than last year.
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The number of market-ready fed cattle will increase in coming weeks, Canfax said.
If there is an upside to the first quarter of 2009 it’s that there is little incentive to contract live cattle, which will result in larger weekly cash offerings, Canfax said.
Fewer contract cattle in the U.S. and a weak fed basis may also stimulate buyer interest from the few U.S. packers still importing “C” class cattle.
Prices heading into mid January will struggle to hold steady.
Unemployment levels in the U.S. and Canada are rising, leading to expectations of declining beef demand.
D1, 2 cows in Alberta were $30-$50 with an average of $40.80, up 63 cents from the week ending Dec. 26.
Butcher bulls rose to $40-$57, averaging $48.70.
Exports of slaughter cows and bulls for the week ending Jan. 3 totalled 1,457 head.
Beef steady
The Calgary wholesale market for delivery this week was steady at $155. Montreal was steady at $167.
Byproducts softened from preholiday levels to $60-$94.
U.S. Choice cutouts rose 56 cents from the week before to close at $143.75 US while Select rose $1.23 to $136.76.
Beef trim was generally higher with light to moderate demand.
Feeders steady
Alberta auction action was slow to build after the holidays and volume fell to 10,060 head, down 41 percent from the same week last year.
Offerings were spotty with limited cattle available. Prices were steady with the last full week of sales in December.
Steers averaged 87 cents lower and heifers were $1.14 higher than the week that ended Dec. 26.
Feeder exports totalled 1,056 head, up from 626 head the previous week.
Prices should be steady on limited offerings.
Larger feedlots are near capacity so there may be little competition for the next few weeks.
Hogs rise
U.S. cash hog prices jumped higher thanks to higher pork prices.
Also contributing to the increase were thoughts that cold weather is slowing pig weight gain and the expectation that exports to Mexico and South Korea could increase.
Iowa-southern Minnesota cash hogs were $44 US per cwt. on Jan. 9 up from $39 Jan. 2.
The U.S. pork carcass cut-out value was $59.50 Jan. 9, up from $54.82 Jan. 2.
U.S. federal slaughter to Jan. 10 was estimated at 2.39 million, up from 1.92 million Jan. 3, but down two percent from last year.
Bison prices
There was no report from the Canadian Bison Association.
In mid December, grade A carcasses from youthful bulls in the desirable weight range in Canada rose at the top end of the price range to $2.30-$2.80, with an estimated average of $2.45 per lb. hot hanging weight.
Heifers were $2.20-$2.60 per lb. with an average of $2.25.
The cull cow and bull average rose to $1.05 per lb., with sales to $1.30.
Weight, quality and delivery location affect final price.
Lamb prices steady
Ontario Stockyards reported 1,049 sheep and lambs and 15 goats traded Jan. 5.
Lambs were steady with some heavy types fetching premiums.
Sheep and goats were steady.
There was no Beaver Hill Auction sale.
