Few sales despite low prices
The fed cattle trade was sluggish the week before Christmas.
Prices fell $2-$2.50 per hundredweight but some cautious packers passed on the opportunity to buy.
The warm weather led to excellent daily weight gains and there were plenty of heavy cattle in the mix.
Prices Dec. 19 were steers $83.75-$84.50 per cwt. and heifers $83-$85.25.
The Calgary to Omaha basis was almost steady with the previous week at -$7.18 per cwt.
Canfax’s forecast was for steady to weaker prices. But the situation could change with colder weather.
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The western cow trade saw prices rise $1-$2 per cwt. as supplies started to decline. The market could strengthen another $1 per cwt., said Canfax.
Feeder cattle prices were steady to higher in lower trade. Year-end buying and some premium preconditioned calf sales were factors in the strength, said Canfax.
The outlook was for prices to remain steady into January on light trade.
Hog prices fell last week as packers prepared to close plants for Christmas. Omaha cash hogs were about $36.50 (U.S.) per cwt. just before Christmas, compared to $53.50 a year ago.
The Canadian dollar continued its slide.
“This presents a real opportunity for hog producers to lock in the Canadian dollar at these low levels in anticipation of the dollar increasing into the New Year,” Manitoba Pork said.
“The Bank of Canada is expected to become more aggressive into 1998 in defending the dollar to offset the lack of confidence that has occurred in December.”
Sheep prices were unavailable.
