Fed cattle fall
Fed cattle prices sank last week in a lightly tested market.
Averages were $6.50 per hundredweight lower on steers and $7.50 lower on heifers compared to the week before, Canfax said.
A few cattle traded March 4 at $80-$81 per cwt. live and $136 dressed while most of last week’s trade was $78 live and $133 dressed.
Trade on March 10 was too light to quote.
More than 25,000 head traded, up 18 percent, due to clean up from the previous week and large grid volumes.
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Packer inquiry was light most of the week because their live inventory appears more than adequate, Canfax said.
Slaughter numbers were up, indicating packers were back to working six days.
Federal plants slaughtered 77,000 head and provincial plants handled about 5,000.
Interest in the set-aside program appeared to increase and the average daily feed cost accepted was $1.35. Forty-five bidders participated, compared to only seven three weeks ago.
Canfax said that with basis levels widening back out to $30 under, the set-aside program will be critical to improving near-term prices. Packers will need to run full out to keep feedlots reasonably current and basis levels from widening further.
Good packer economics should keep the former happening, Canfax said.
American fed cattle prices soared last week in step with rocketing wholesale beef prices.
Rumours that R-CALF would ask the courts for a complete block on Canadian beef imports panicked meat buyers, who over five days bid up the cut-out price for Choice by $12 US per cwt.
Carcass wholesale prices in Calgary are lower for this week’s delivery, with steers at $143-$145 per cwt Cdn.
Canadian retailers are buying hand to mouth, partly because of heavy Easter featuring of other meat.
Feeders weaken
Feeder prices crashed and are now back where they were last fall.
Alberta auction market volumes were dismal last week, with about 15,000 head trading, down 71 percent from the week before and 43 percent smaller than a year ago.
More than 60 percent of the week’s volume traded in southern Alberta, a lot of it in Brooks, at the Gather sales.
In central and northern Alberta some auction volumes were too small to quote and some cancelled.
Buyers held back because of uncertainties and prices fell sharply.
Steers 300-700 pounds were $10-$14.50 per cwt. lower, while 700-900 lb. and heavier fell $9.25-$10.50.
Heifers 300-500 lb. fell $10.25-$13, 500-700 lb were $7.25-$9.75 lower, and 700-900 lb. and heavier were off $9.25-$10.50.
D1, 2 cows averaged $30 per cwt, which is down $3. Butcher bull prices rose $1.
While volume was small last week, numbers are anticipated to increase moving into spring.
Border uncertainty will continue to dominate fed and feeder markets.
Stock bred cows were off across Alberta with medium quality cows bringing $400-$650 and excellent quality $650-$1,000.
Bred heifers in northern Alberta on light trade were $525-$900. Cow-calf pairs in southern Alberta were $900-$1,460.
U.S. hogs weaken
Live hog prices decreased in the United States. The average Iowa-Minnesota daily direct hog price (51-52 percent lean carcass converted to live weight) was $56.67 US per cwt. on March 10.
The wholesale cut-out price increased by about $1 to $69.83 per cwt.
Manitoba Agriculture estimates live hog prices in that province rose slightly.
For the week ending March 4, Manitoba five kilogram pigs saw top bids of $72 Cdn per pig while contract prices reached highs of $48.26 per pig.
Spot prices for 23 kg pigs were to a high of $106.65 per pig and tops for contracts were $102.31.
The U.S. national direct delivered price for five kg pigs (converted to Canadian dollars) was $38.44-$78.13 per pig and the 23 kg pigs were $87.12-$109.13.
Sheep steady
Ontario Stockyards reported 2,286 sheep and lambs and 534 goats traded. Sheep, lambs and goats sold steady.
