Fed cattle prices drop
Fed cattle prices slipped last week as U.S. packers, drawing on contract cattle, forced feedlots to lower their cash price.
Packers were also helped by ample beef supplies in Canada and the U.S. because previous hot demand has cooled.
In Canada, Canfax reported that although the High River, Alta. Cargill plant moved back to full operations, the average steer price dropped 50 cents per hundredweight from the week before.
On Aug. 7 steers brought $82.50-$85.50 per cwt. and heifers $82-$85.70. Canfax thinks prices will slip $1-$2 per cwt. more, but no farther, so long as carcass weights stay in line with last year.
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Feeder cattle marketings increased last week, up 26 percent over the same time last year. Cash prices were steady except for 300-400 pound steers and heifers, which were up about three cents a lb. In Saskatchewan there were strong prices for light heifers.
Hog prices up and down
Hog prices are on the edge of where packers make profits. At the high end of the range, packers stop bidding and prices slide as they did last week, closing at $55 (U.S.) per cwt. in Omaha Friday, down from $58.50 early in the week.
On Monday, the lower price had packers again buying and the price rose about $1.
There is a feeling that carcass weights are getting too heavy and the system will back up, possibly depressing prices.
Sheep prices in central Alberta are steady. Railgrade lambs are $1.80-$1.90 per lb., lambs 90-110 lb. live are 93-95 cents per lb. and lambs 110 lb. and up are 90-93 cents. Slaughter sheep liveweight are 32-35 cents a lb.
