Cattle prices still rising
SASKATOON – Prices were again up for slaughter cattle during the week as tighter supplies appear on the horizon.
Steers averaged $1.50 higher than the previous week, while heifers picked up $2.
As of Aug. 22 steers ranged $85-$87.45 and heifers $84-$87.30
Slaughter cattle exports to the U.S. continued strong through the week. To Aug. 3, almost 686,000 head had gone to western states, up 27 percent from the same time last year.
Canfax said the outlook is for higher fed cattle prices after Labor Day as western packers face tighter supplies in the hands of large feedlots. How high prices go will depend on demand.
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Beef movement is showing signs of a slow down as rising prices meet wholesale and retail resistance. Packer margins are declining and some plants are reducing kill rates to stay out of the zealous cash cattle market, Canfax said.
Calgary wholesale prices on steers are $129-$136, steady to a dollar higher than the previous week.
Meanwhile, the Canadian feeder market continued on the rise with averages about $1 higher than the previous week. The bulk of the cattle continue over 700 pounds.
Total volume was 23,000, down from the previous week’s heavy run, but similar to last year’s pace.
Canfax says feeder prices might be near the seasonal high.
SPI Marketing says hog prices dropped in step with U.S. market trends. Manitoba’s average was $193-$197 (down $7-$8) Alberta was $201 (down $7.59) and Saskatchewan $198.50 (down $7.60.)
Sheep and lamb prices were steady with last week, according to Saskatchewan Sheep Development Board. Lambs were $1.14 a pound live weight, slaughter sheep 34 cents and goats 60 cents.
