Supply pushes down cattle prices
SASKATOON (Staff) – Heavy supplies pressured the slaughter cattle market this past week, Canfax reports. Bids dropped by $2-$3 per hundredweight and producers fought the turn in the market by passing on a third of the cattle offered Jan. 9.
Even so, Canfax said offerings were hefty at three percent better than the same week in 1994, even with the number of cattle passed.
An interesting tidbit: Canfax said heifer marketings were larger than steer marketings last week, confirming large numbers of females went on feed last fall.
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Trade on Jan. 11 had steers priced between $78- $79.25, with top prices paid to $80.65. Heifers traded $77.50-$79.25.
Cow trade was steady. Canfax said there were more cows on offer, but packers are fairly active buyers. D1 and D2 cows were traded from $36-$47 per cwt., with top prices paid from $48-$50. Railgrade bids ranged from $82-$83 per cwt.
Feeder cattle prices are suffering from a severe New Year’s hangover. Pressure from the fed side of the market and continued high grain prices are hurting prices. Offerings were limited and buyers were selective.
Hogs backlogged
A year-end backlog of hogs continued to pressure the market. In Saskatchewan, marketings were up by 2,000 head, but the Index 100 average pooled prices dropped by $1.60 per hundred kilograms to $138.50. Manitoba’s marketings were higher by 9,000 head, at prices of $142.52 per ckg, down by $1.17 on the week. Alberta marketings were up by 2,000 head, but prices declined by $1.40 per ckg to $143.20.
