Beef prices look better
The tide might have turned last week as the North American beef industry started to get control of large stocks and heavy cattle.
Prices held firm on light marketings. On April 2 steers brought $80.85-$85.25 per hundredweight, with the bulk being calves at $83.90-$85.25. Heifers were $78.50-$83.35 per cwt.
Canfax said wholesale beef prices held steady. Carcass weights fell from 793 pounds on March 15 to 780 lb. March 28.
Retail beef sales often pick up after Easter, Canfax said.
The outlook is that firmer slaughter prices in the United States, lighter carcass weights and fewer U.S. cattle coming to market should lead to higher prices as April progresses.
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In the cow trade, prices were steady last week, but might weaken a little this week because of the short holiday week.
Feeder cattle prices were mostly lower last week due in part to much larger marketings in southern Alberta. Heavier cattle prices dropped less than those for midweight animals in Alberta.
Canfax said feeder prices should be steady this week. Offerings should start to drop as seeding preparations begin and an improved slaughter market might add strength later in the month.
The stock cow market saw the bulk of bred cows sell at $800-$1,100, bred heifers $850-$1,050 and cow-calf pairs $700-$1,300.
Hogs go higher
Reduced hog marketings in parts of the U.S. Midwest, due to weather-induced transportation problems, led U.S. packers to raise their bids for hogs during the first half of last week, but fell to $33-$34 (U.S.) per cwt. by April 3.
Cash prices in Canada also fell at week’s end.
Hog futures prices rose early this week on rumors of South Korean demand. There is quite a wide gap between low cash prices and higher futures prices. Manitoba Pork said the futures premium will probably erode so it is probably a good time to lock in summer prices for some production.
Retail sales are slow and pork supplies are ample, so U.S. packers have started to reduce hog slaughter.
