Pork export records set
In spite of low domestic prices on live hogs, pork movement into international markets is setting a record pace, reports the Canadian Meat Council.
In 1998, a record 420,000 tonnes of pork were exported mainly to the United States, Japan, Australia, New Zealand and China. Year-to-date figures indicate Canadian exports are up 33 percent over 1998.
However, there is still a lot of pork around. The United States Department of Agriculture reported last week more than 45,000 tonnes of frozen pork are in storage so packers there do not have much incentive to pay producers more.
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The latest figures from Statistics Canada showed the December 1998 frozen pork stocks were at 31,000 tonnes.
Price estimates from Manitoba Agriculture put the average Index 100 hog prices at $113-$114 per hundred kilograms last week so producers there are inching toward a break-even price. Toronto hogs average price was $1.10 and Alberta was $1.02-$1.08. Saskatchewan producers received an average $1.10.
Feedlots are full
On the beef side, feedlot pens in the West are full and trade remained flat at last week’s close.
A good run is expected for lightweight feeders ready to go on grass.
The U.S. cash price on feeders is around $64 (U.S.) There aren’t many cash cattle in the Midwest where it is reported 70 percent of the Kansas and Texas cattle have been forward or formula priced.
Canadian fed cattle sales were generally steady however trade was flat by mid-week.
Overall weekly averages dropped 50 cents and $1.25 on steers and heifers respectively. Last week’s trade saw steers bring $86-$89.75, flat rail $144.30-$148.25 and heifers $86.50-$88.75, flat rail $146.75-$147.45.
Canadian wholesale prices for beef struggled against the much-improved U.S. cut-out value that surpassed $108 last week, the highest it has been in two years.
Beef demand also softened somewhat as movement fell and prices were under pressure.
This week’s Montreal price dropped to $156 while Calgary wholesale on handyweight steers ranged between $147-$155.
