Pork prices ride rumor roller-coaster
Japan’s response to Taiwan’s hoof-and-mouth disease problems had pork markets in tumult last week.
First, pork prices increased on a rumor that Japan was considering lowering its restrictive tariff by 25 percent. But on Friday, the Japanese government denied the rumor and prices fell.
Wholesale prices in Japan have shot up 24 percent since the middle of March when it banned Taiwanese imports after the disease outbreak.
The situation helped drive western Canadian average 100 index hog prices up by $6 per 100 kilograms.
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In the fed cattle market, prices closed the week about $1 per hundredweight higher, but the price range was wide.
Canfax believes ranges will remain wide, but average prices could strengthen given continued tight supply in the next couple of weeks.
Feeder demand strong
The feeder market saw strong prices for light cattle suitable for grass feeding. Heavier classes saw erratic bids, but steady averages. Volume on offer was down 25 percent from the week before, but up 18 percent from 1996. Demand is expected to remain good and supply to be tight, resulting in firm prices, Canfax said.
Sheep prices
The railgrade bid for sheep at Canada West Foods in Alberta was unchanged at $2.40 a lb. Feeder lambs 50-60 lb. were $130-$140 per cwt. live, ewes were $20-$25 per cwt. In Brandon, Man., lambs 95-110 lb. were bid at $115-$118 per cwt. and the Saskatchewan Sheep Development Board reported the following bids: old-crop lambs over 80 lb. $1.25 per lb., new-crop lambs $1.40-$1.50, slaughter sheep 35-40 cents and goats 50 cents.
