Beef sales are better
Fed steer sales on average were up $1.50 per hundredweight last week while heifers rose 50 cents, said Canfax.
Excellent boxed beef movement in the United States at higher wholesale prices set the tone for firmer prices. Beef sales activity improved as retailers started to look ahead to the Labor Day weekend.
The futures market also appears to have set a bottom with a solid move higher last week.
Local packer activity was considered good and some heavier steers moved into the U.S. market.
Read Also
Green lentil market oversupplied
Farmers in Western Canada can expect price pressure on their new crop of green lentils, as the available supplies among the world’s major lentil-growing nations increase significantly.
Prices Aug. 6 were steers $79-$83.50 per cwt., while heifers were $79-$83.45.
Canfax said the outlook is for prices to gain another $1 per cwt. but producers need to get current with their marketing so that improved bargaining position and higher prices can be sustained through August.
Cows saw mixed. The outlook is for prices to hold.
Feeder prices were mostly steady on a light test, said Canfax. Volumes were up 11 percent from last week but compared to a year ago, volumes were 26 percent smaller.
Canfax expects steady prices in the near term on continued light offerings compared to last year.
Sellers might be thinking about holding out for prices similar to 1997 levels, Canfax added, meaning August volumes could be significantly smaller than last year, with more movement in September and October. Lower feed grain prices also have producers feeling more optimistic.
Hog prices fall
Western Canadian hog prices fell last week while prices in the United States rose.
In Manitoba, 100 index hogs were down about $4 per 100 kilograms while in Omaha, Nebraska, the cash price was $36.50 (U.S.) per cwt. on Aug. 7, the same as the week before.
Hog futures prices rose last week. One analyst attributed the rally to the belief that the week’s relatively large hog slaughter meant that hogs were being marketed at lighter-than-normal weights and that there would be fewer market-ready hogs this week.
