Cattle prices stay put
Canadian fed cattle prices stayed at lower levels set at the end of the previous week despite rising prices in the United States.
The rising Canadian dollar hurt the market here.
Canfax said the weekly average was $1.30-$1.50 per hundredweight lower. Volume picked up and calves made up a larger percentage of the total.
Alberta prices March 25 were steers $89-$89.50 per cwt., flat rail $150.30-$150.90 and heifers $89-89.50.
The average was expected to drop another $1 per cwt. this week. Packers report beef movement is sluggish and there is plenty of product in the pipeline.
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Lower carcass weights in Alberta are confirming the increased number of calves in the slaughter mix. Alberta’s steer weight dropped to 785 pounds two weeks ago, down 10 lb. from the previous week.
Weights will be important in helping reduce overall tonnage heading into spring.
Supplies of market-ready cattle will increase into April, so better post-Easter beef sales would be welcomed, said Canfax.
Cow sales saw steady prices. Most D1,2 cows ranged from $50-$60 per cwt. with sales to $64 on good grain fed types.
Although slaughter cow supplies are relatively tight, sluggish movement and weak boneless beef prices are limiting increases.
The downward trend affecting feeder cattle prices two weeks ago continued, hitting heavier cattle. Those over 700 lb. were $1-$4 per cwt. lower. Fleshy or off-types saw even more selective bids.
Grass-fed steer and heifer prices were mostly steady, with strong sales reported on top quality cattle.
The outlook is for the pressure to continue on heavier cattle. Grass-fed steer prices will probably hold steady.
In stock cow trade, bred cows and heifers were quoted from $720-$1,350. Bred heifers were priced from $650-$1,100. Cow-calf pair sales were $700-$1,450.
Hog prices inch upward
American retailers were buying pork at higher wholesale prices last week, encouraging packers to bid more for hogs.
After starting the week at $28 (U.S.) per cwt., Iowa-Southern Minnesota plant prices rose to $32.25 per cwt. March 25.
While the higher-valued Canadian dollar partly offset the positive impact of the stronger U.S. hog market on Manitoba prices this week, Index 100 hog prices (including premiums) followed the U.S. trend, rising to an estimated average of $104-105 per hundred kilograms for the week.
Prices were even stronger in Saskatchewan where the average rose $16 per ckg to $107.
The U.S. Department of Agriculture Hogs and Pigs report released March 26 was close to analysts’ expectations.
It showed a six percent decline in the breeding herd and farrowing intentions for the March-May period down seven percent from last year.
While the number of market ready hogs will continue ample into summer, the second half of 1999 should see tighter supplies and higher prices.
