Cattle prices up
Fed steer and heifer prices rose past the $90 per hundredweight level last week, raising the weekly average $1.25-$1.75 per cwt. higher than the previous week.
Canfax said trade on May 27 saw steers bring $88-$91.25 per cwt., flat rail $146.75-$149.35 and heifers $87.50-$91.
Beef movement was high in the United States where the Memorial Day weekend was celebrated, but business is expected to slow as summer progresses.
Wholesale beef prices are steady at $148-$157 per cwt.
Last week’s Canadian kill edged close to 74,000 head. Canfax expects fed cattle prices to settle into the upper $80s this week.
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Slaughter cow trade was strong with average prices $2.50 higher.
Feeder cattle prices were $1 to $3 per cwt. higher on average in Alberta on most weight classes.
The exception was steers of 900 pounds and heavier that lost $2.50. Quality and limited offerings may have been part of the reason.
Otherwise, the higher fed cattle market and tight feeder supplies set the pace for stronger prices.
Canfax said June is expected to be a small month for feeder volumes compared to last year.
In stock cow trade, average bred cow prices lost a bit on a light test.
Bred cows ranged from $550-$1,200 with the bulk of activity between $900-$1,100.
A small test of bred heifers saw a range of $800-$1,000.
Cow-calf pairs traded in a range of $700-$1,520 with most sales from $900-$1,300.
Hog prices down
It appears the seasonal rally in United States hog prices has ended earlier than normal, said Manitoba Agriculture in its weekly livestock report.
Canadian prices also fell.
With U.S. retail demand for pork and wholesale pork prices declining, reduced packer profits and continued large storage stocks of pork have forced packers to lower their bids for hogs.
Iowa-Southern Minnesota hog prices (plant top, 51-52 percent lean, live equivalent) declined from $41.25 per cwt. (U.S.) May 24 to $38.25 per cwt. May 27 and are expected to be lower this week.
Considering this drop, the post-Memorial Day price decrease may not be as large as projected.
U.S. weanling prices declined by $3-$4 per head last week.
In Manitoba, average prices also decreased, but not to the same extent as U.S. prices.
The wide variety of pricing methods has meant average Manitoba hog prices have less direct dependence on U.S. hog prices.
Estimated average Manitoba Index 100 prices were down by $2 to $135 per 100 kilograms for the week.
The holiday-shortened kill week and the falling U.S. hog market affected Ontario and Quebec Index 100 hog prices, which fell by $7 and $12 to $139.24 per ckg and $134.11 per ckg respectively last week.
Record U.S. red meat production in April, and possibly again in May, is putting a damper on cattle and hog cash markets.
According to the U.S. Department of Agriculture, beef production for the first four months of this year was three percent higher than a year earlier, while pork production was up four percent.
Higher pork production was due not only to a rise of two percent in hog slaughter, but also to a three pound increase in average hog weights.
