Cash cattle prices rally
SASKATOON (Staff) – During the past two weeks, U.S. feedlots have sold more cattle that weighed less, precipitating a rally in cash fed cattle prices.
The American turnaround precipitated higher Canadian prices as well.
Canfax says prices started out the week higher by $2 per cwt. and had gained another $3 by week’s end.
U.S. buyers were picking up cattle early in the week, but local packers were outbidding them later in the week.
Trade on Oct. 27 had steers priced between $85.25-$89 while heifers were $85.25-$88.75.
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Cattle weights have dropped considerably. Canfax reports most are under the 1,350-lb. mark.
The run-up in the cash market also helped clear up packers’ inventory, as wholesale and retail buyers like to own product when prices start climbing. Canfax said market ready cattle will be tight through November so good demand will help prices maintain this increase.
Feeder cattle prices also were stronger, Canfax reports, not only on the strengthening fed market, but also on a better offering of quality, pre-sorted supplies. Steers weighing 600-700 lbs. averaged $104 – $106 per cwt in Alberta; $105.50 in Saskatchewan and $108.50 in Manitoba.
Hogs lower, again
Hog prices look like they’re fighting to stay above the $100 per ckg mark. More than two million hogs were slaughtered last week in the U.S., an 11 percent increase over the same period in 1993. The resulting impact on North American markets was lower prices.
In Saskatchewan, marketings were off by 2,000 head, while the average pool price dropped by $1.80 to $104.20. Manitoba marketings were up by 1,000 head, but prices were lower by 77 cents for a pool price of $105.62.
Alberta’s prices were off by $2.30 at $106.50 per ckg, on steady sales.
