Beef prices bottoming out
SASKATOON (Staff) – Cattle producers are asking if prices have hit bottom, says the latest Canfax report.
“Better beef movement would certainly help put the brakes on the downside,” said the report.
The hope is there will be better sales after Easter when the strong supply of pork and poultry works through the system.
In the fed cattle report for Western Canada, Canfax said packers were clear that they have ample supplies and there will be poor demand. Volumes offered were the largest seen this year at close to 20,000 head, up 39 percent from last week.
On the flip side, volumes of feeder cattle were down 43 percent compared to last week and down 18 percent compared to the same week a year ago.
In hogs, the USDA hogs and pigs report calculated 53 million hogs in the United States, about 102 percent of last year. There were six million hogs kept for breeding.
