Cattle following trend
SASKATOON (Staff) – Slaughter cattle prices had another up-and-down week. Canfax report prices were firmer early in the week, as American and Alberta packers bid against one another.
By mid-week, however, a bigger offering of cattle had overwhelmed buyers.
The volume of fed cattle offered seems to be developing into a weekly pattern. A week of tight numbers followed by a week where as many as one-third more cattle are on the market.
Carcass weights are still running ahead of where they were last year by about 30 pounds, which means packers are bidding aggressively on cattle that weigh less than 1,250 pounds on the hoof. Some heifers are getting premium bids for the same reason.
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On the American front, cash cattle prices have stabilized right around $65 (U.S.) per cwt. and analysts were calling for live cattle futures in the deferred months to get a boost from last week’s seven-state cattle-on-feed report.
U.S. feedlot operators bought 78 percent of the number of feeders they did in May of 1993. Analysts say that will mean tighter supplies of fed cattle this coming winter.
For feeders, Canfax said demand and prices are strong for a limited supply of both lighter weight calves and short keeps.
Prairie hog prices higher
Alberta and Saskatchewan sent 1,000 more hogs to market, while Manitoba marketings were down by that number. In all provinces, however, the Index 100 pool price was up 30 cents to $4.02 per hundred kilograms.
