Lots of U.S. cattle, as expected
The June 13 U.S. cattle on feed report showed 12 percent more cattle in feedlots June 1 than at the same time last year, in line with analysts’ expectations.
However, the number of cattle placed in U.S. feedlots in the month of May was up 22 percent, more than expected, indicating lower fed cattle prices could be on the way.
For now, Canadian prices improved $1-$2 per hundredweight, Canfax said. That’s because the basis between Canadian and U.S. prices dropped from $6.30 a cwt. two weeks ago to $3.30 last week.
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The short-term outlook was for stable to stronger prices, due to July 1 and 4 holiday barbecue demand.
Feeders hold steady
Feeder cattle saw steady prices and lower volumes last week. With light trade to continue, prices should hold, said Canfax.
Canadian hog prices were up last week and U.S. cash prices were steady, except for a sudden drop June 13. Omaha closed Friday at $56.50 (U.S.) per cwt., down $1 from the previous week.
Manitoba Agriculture says hog prices are above the packers’ breakeven point, but they seem willing to keep buying to retain market share.
Lamb prices
Lamb prices in central Alberta were $2.55 a pound railgrade, $1.30-$1.34 for 90-110 lb. and $1.25-$1.30 for 110 lb. and up.
Slaughter sheep were 60-65 cents a lb. railgrade and 30-32 cents live. Goats 50-60 lb. were 85-90 cents live and 60-90 lb. were 75-80 cents live.
In Saskatchewan, lambs were $1.35 per lb. live, sheep 35 cents and goats all sizes 55 cents.
