Surging pork prices drove U.S. hog values higher last week. Fund investments added to the momentum.
Mexico put a five percent duty on U.S. pork in retaliation for a trucking dispute but there was little market impact.
Packers are preparing for Labour Day weekend demand.
U.S. pork in storage in July fell to the lowest level since August 2004. Slaughter is down due to the smaller herd and demand for pork is up. July exports rose 23 percent compared to the same month last year.
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U.S. average retail pork prices in July were $3.19 cents per pound, the third consecutive record high price.
However, Ron Plain of the University of Missouri noted that when adjusted for inflation, the price was nothing special. Also, the daily per capita pork purchase was the lowest in a decade.
The price is being maintained by the small herd, he said.
Iowa-southern Minnesota cash hogs delivered to plants rallied to $63.50 US per hundredweight Aug. 20, up from $60 Aug. 13.
The U.S. pork carcass cut-out value soared to $95.49 on Aug. 20, up from $89.98 on Aug. 13.
U.S. federal slaughter to Aug. 21 was estimated at 2.07 million, up from 2.06 million the previous week.
BISON PRICES RISE
The Canadian Bison Association said tight supply continued to drive prices higher.
Grade A bulls in the desirable weight range were $2.80-$2.90 per lb. hot hanging weight.
Grade A heifers in the desirable weight range were steady at $2.65- $2.70.
Older than 30 month animals and those outside the desirable weight range may be discounted.
Slaughter cows and bulls were $1.80-$2.10.
LAMBS STEADY
Ontario Stockyards Inc. reported 1,216 sheep and lambs and 140 goats traded Aug. 16. All classes of lambs sold steady to higher. Sheep were barely steady. Goats were steady.
Olds Auction at Olds, Alta., on Aug. 17 reported ewes were $90-$130 per head.
Feeder lambs were $90-$160 per head. Nannies were $100-$130 and billies were $110-$150.
