Cattle prices the same
Fed cattle prices rose and then fell last week, leaving average prices almost unchanged from the previous week despite lower prices in the United States.
Canfax said the mid-week strength was partly fed by the positive preliminary countervail ruling by the United States on the R-CALF petition.
A large volume of animals were traded. More than 21,000 head changed hands, up eight percent from the previous week.
Prices May 6 in Alberta were steers bringing $85-$89 per hundredweight, flat rail $143.50-145.85 and heifers $85-87.
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Wholesale beef prices were mostly $1-$2 lower last week and the outlook is for softer prices
Handiweight steer prices in the Calgary market were $146-$154 per cwt.
Several plants are processing on some Saturdays, as demand is strong for May.
Canfax said there is no doubt current front-end supplies in western Canadian feedlots have assisted local prices.
Even with U.S. prices down $1 per cwt. and the Canadian dollar marching higher, local prices held their ground.
But prices could fall if the U.S. continues lower, said Canfax. It forecasted prices this week will be steady to $1 lower.
Cows traded steady with some indication plants aren’t buying as strongly because of more fed cattle in the mix.
Most D1, 2 cows ranged from $50-$56 per cwt. with good grain-fed types trading at more than $60.
Feeder cattle prices were mostly steady last week.
Most auction markets are starting to see listings drop off, but some barns were surprised to see more selling than expected.
In the short-term, expectations are for volumes to dry up. Canfax expects prices to hold steady as volume dwindles.
Buyers will have problems filling orders for good quality types.
In stock cow trade, bred cows were well quoted in a range of $690-$1,000.
Bred heifers were poorly quoted, with spreads of $640-$1,475. Cow-calf pair sales were $640- $1,475 with good quality pairs at $1,200-$1,400. The outlook is steady.
Hog prices rise
U.S. hog prices increased early in the week after packers raised wholesale pork prices May 3, said Manitoba Agriculture in its weekly livestock report.
Top Iowa-southern Minnesota. prices (plant, 51-52 percent lean, live equivalent) reached $42.25 per cwt. (U.S.) on May 4.
Higher prices encouraged hog marketings.
However, when retailers reacted to rising pork costs by reducing pork purchases, packers cut back slaughter levels and hog prices later in the week.
By May 6 prices had declined to $40.50 per cwt. (U.S.) and might be even lower this week.
Packers still have excessive pork stocks, American pork production is higher than expected due to heavier carcass weights and domestic demand for pork is weaker.
Average Manitoba Index 100 hog prices (including premiums) were estimated at close to $131 per 100 kilograms last week, similar to prices in Ontario and Saskatchewan, but about $7 per ckg higher than Alberta, said Manitoba Agriculture.
Hog prices in provinces west of Quebec are reacting, not only to the stronger U.S. market early this week, but also to the hot Quebec hog market.
