Fed cattle down
Fed cattle markets slipped last week with average prices 25-75 cents per hundredweight lower.
Packers were selective on the type of cattle they were willing to pay top dollar for, namely the longer fed, better grading cattle, said Canfax.
American packer interest was strong all week at steady to lower prices.
Volumes were large with more than 24,000 head moving.
Alberta prices May 11 were steers $95.30-$97.15 per cwt., flat rail $158.90-$161.40 and heifers $97.10-$97.20, flat rail $161.30.
Packers reported wholesale beef sales as mixed, ranging from good to fair. Most expect business to pick up once weather warms, said Canfax.
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Product movement will be critical because large supplies of market-ready cattle are expected to remain for some time.
Wholesale beef prices reflected the lower cash cattle prices with the Montreal steer price down $2 per cwt. at $165-$167.
The Calgary market was $2-$3 lower with handyweight steers in a range of $153-$169.
Canfax said fed cattle prices will probably slip over the next few weeks, but sharp drops are not in the cards.
Since a $10 under basis is generally expected through June, western prices will continue to reflect the direction of the American market and the Canadian dollar.
Cows prices were mostly steady.
Packer and non-packer interest was strong.
The number of cattle sold was down as farmers started working in the fields. Most D1, 2 cows sold from $57-$70 per cwt. with sales to $74.
Feeder cattle sold steady on lower volumes due to seeding.
Canfax said the number of cattle put on the market will be lower in the summer and prices should remain steady. Pastures need more moisture.
Bred cows steady
In stock cow trade, bred cows and heifers were not widely quoted, but ranges were steady.
Bred cows sold at $800-$1,400, with bred heifers $800-$1,100 on few sales.
Cow-calf pairs had a great week with sales ranging from $925 to $2,100.
Hog prices dip
Canadian hog prices fell last week, following the United States market.
Slaughter in the U.S. declined early in the week.
Packers still had ample supplies of pork from the previous week’s large kill.
Wholesale prices for most pork cuts decreased, which encouraged pork movement later in the week.
Iowa-southern Minnesota hog prices (51-52 percent lean, live equivalent) fell during the week. On May 12 they were $43.50-$55 (U.S.) per cwt. with a mean of $51.04 compared to $51.24 the previous week.
The average price for the week was three to four percent below the previous week’s average.
Manitoba Agriculture revised its index 100 estimate from the previous week, down about $5 to $195 per 100 kilograms.
With fewer market-ready hogs available and an anticipated improvement in pork demand, packers are expected to raise hog prices once more animals are needed to meet slaughter requirements, said Manitoba Agriculture.
