Fed cattle weaken
The fed cattle market lost another $3-$3.50 per hundredweight as prices eased below $65 per cwt.
Most business for the week was done by mid-day on Aug. 11, said Canfax.
Volumes traded were steady at about 16,500 head.
The show list continues to grow each week as unsold cattle are added. Weights are climbing, but are still below a year ago.
Alberta trade Aug. 12 saw only $64 steers trading. Most of the trade on Aug. 11 was $62.50-$64 per cwt., dressed at $108-$110.
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Canfax expects similar volume and prices this week.
Movement of beef into the U.S. continues strong, but the domestic market is sluggish. Retail features are few.
Wholesale carcass prices were generally lower. The Montreal market has now thinned to the point that too few carcasses will be shipped east to quote weekly prices. This will be the last week Montreal carcass prices are reported. The steer market in Montreal is $134-$140 per cwt. The Calgary market is down $4 with handyweight carcasses at $130, said Canfax.
U.S. cut-outs were down $1 on Choice and $2 lower on Select. U.S. prices are slightly lower than where they were a year ago.
Most feeder prices fall
Trade through Alberta feeder auction markets increased 38 percent with slightly more than 12,000 head trading. Heavy yearlings are starting to move off grass.
There weren’t eager buyers for all the volume and prices mostly dropped. Steers 300-500 lb. were up 25 cents-$1, but were thinly tested due to small numbers moving in this weight range.
Steers 500-600 lb. were down $3.50, 600-700 lb. were $5 lower, and 700-900 lb. traded $2-2.75 lower. Steers 900+ lb. were down $1.
Heifers 300-400 lb. were down 25 cents, while 400-500 lb. were $1.25 lower and 500-600 lb. traded $2.50 lower.
Heifers 600-700 lb. were down $4.75 and 700-900 lb. were $2 lower. Heifers 900 lb. and heavier were up $2.
D1, 2 cows rose 50 cents from a week ago and butcher bulls traded steady.
Volumes increased because more yearlings were moving, but the yearling run is still expected to be later than average. Significant volumes are not expected until later in the month. Speculation is that yearlings will come off grass heavier this year and that there will be larger volumes than a year ago.
Calves are not anticipated to move until later in September because most areas report good pasture conditions.
Only northern Alberta saw bred cows and heifers trading at $275-$410. Cow-calf pairs in central and northern Alberta brought $350-$950.
Cattle on feed down
Total cattle on feed for Alberta and Saskatchewan for Aug. 1 was down three percent from last year at 608,327 head for surveyed terminal feedlots with more than 1,000 head, said Canfax.
The total on feed number differs regionally with bunk capacity low in southern Alberta but central and northern Alberta reporting larger or steady capacity compared to previous years.
Marketings in July were down 32 percent from July 2003. The survey group marketed 124,161 head or 67 percent compared to the actual marketings in Alberta and Saskatchewan of 185,118 head, which was even with 2003.
Placements in July were up 13 percent from 2003 at 62,290 head. Placements increased over last year with lighter than 600 lb. (948 head) up 55 percent, 700-800 lb. (9,306 head) up 86 percent and 600-700 lb. (3,174 head) showing a huge increase from the 285 head last year.
The only decline was in 800 lb. and heavier at 48,862 head.
Hog markets weaken
The U.S. wholesale price for pork rose early last week, but then drifted lower, said Manitoba Agriculture.
Processors have a large supply of hogs and are facing tight margins. The lower pork prices and large supply of hogs resulted in lower bids for cash hogs.
The weekly average Iowa-Minnesota daily direct hog price (Monday to Thursday, 51-52 percent lean carcass converted to live weight) decreased four percent to $57.90 US per cwt.
The lean hog futures prices followed the trend of wholesale and cash hog prices, ending lower on Aug 12. The October lean hog futures contract decreased $3.12 US per cwt., or 4.5 percent, during the week.
Canadian cash prices were similar to the week before.
Ron Plain of the University of Missouri noted that U.S. slaughter was 1.93 million, 1.7 percent below the big slaughter the same week last year.
Current U.S. hog prices are about 30 percent above last year even though slaughter for the past four weeks is estimated to be two to three percent above the same weeks in 2004, Plain said.
Quality lambs steady
Ontario Stockyards reported 3,604 sheep and lambs and 514 goats sold.
All weights of good grain-fed lambs sold steady, while plainer types and Katahdin lambs sold $5-$10 lower. Good sheep traded steady with plainer thin lambs $3-$5 lower. Goats sold at barely steady prices.
