Steady to good cattle prices expected
Fed cattle prices last week rose $1.50 per hundredweight for steers and $2.50 for heifers.
Canadian packers were aggressive buyers as were those from Washington state, said Canfax.
There’s minimal output at the strike-bound Cargill High River, Alta. plant, said Canfax. To make up the shortfall, U.S. beef is being imported.
The Chicago live cattle futures market is showing higher prices ahead. The most recent USDA cattle-on-feed report showed fewer recently placed cattle and that helped push the December contract over $72 (U.S.). Canfax wonders if producers will continue to sell aggressively given the premium they might get if they wait.
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It warns the system could get backed up, collapsing prices. But for this week, it forecast prices to be steady to $1 higher.
The feeder cattle market had another steady week and Canfax forecasts no surprises.
Pork and lamb
Rumors that Japan was buying pork pushed up U.S. futures markets last week. But the Omaha cash price was down $1.50 to $58.50 (U.S.) July 25 compared to the week before.
In Canada the hog 100 index crept up, despite packers losing money.
Lamb prices in central Alberta are down. For the week ending Aug.1, the base railgrade price for slaughter lambs was $2 a lb. Live prices were $1-$1.02 a lb. for lambs 90-110 lb. and 95 cents to $1 lb. for lambs 110 lb. and up.
Slaughter sheep live were 30-32 cents a lb.
