SASKATOON (Staff) — Slaughter cattle prices took another steep drop last week, driven by huge supplies and slack demand in the U.S.
Cash fat cattle prices on the U.S. Southern Plains started out the week at $64 (U.S.) per hundredweight, but by week’s end had dropped to $61.50 to $62.
Canadian cattle prices couldn’t buck that trend. Though slaughter cattle prices were bid at steady money early in the week, Canfax reports local packers were able to bid the price down by $4 per cwt. by June 23.
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True to the pattern exhibited in the last two months, Canfax reports volumes on offer were down by 37 percent. And more heavy cattle are hitting the market. Packers are discounting anything that weighs better than 1,300 pounds, Canfax said.
Feeder cattle prices were strong, driven by very limited supplies and aggressive demand for top-quality calves. Good pasture conditions will ensure supplies stay tight.
Hog markets stronger
Hog prices moved higher last week. However, the SPI Marketing Group reports the strong market could be short-lived. Negative margins for packers, coupled with ample supplies forecast during the short Canada Day week, probably mean higher prices won’t last.
Sheep price update
Finished lambs weighing more than 80 lb. are priced at 95 cents per lb., reports the Saskatchewan Sheep Development Board. Feeder lambs (under 80 lb.) are at 97 cents while slaughter sheep are priced between 25 and 30 cents. Commercial breeding ewes are fetching between $75 and $125.
