Hog prices stabilize
SASKATOON (Staff) – Hog prices continued their slide the week after the Labor Day holiday, but prices stabilized Friday and recovery was anticipated as packer margins improved and the prospect for exports to Japan supported the market.
SPI Marketing Group, Saskatchewan’s hog board, notes prices this summer have been similar to the high of 1982 and 1984. In 1982 prices fell $40 per hundred kilograms from August peaks to mid-November. If the market was to follow history this year, that would put November 1996 prices at about $160-$180.
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In cattle markets, Canfax reports prices held steady on slaughter animals. Trade recovered with 15,600 head sold, up 31 percent from the previous slow week. Steers brought $84.55-$87.50 while heifers sold at $84.25-$87.35.
Beef prices edged up slightly. Montreal wholesale was up two cents with a further two cents increase for this week, putting steers at $167.
The stronger prices mean boxed beef is moving slowly. At the meat counter there are still good retail features, but turkey and ham (with dropping prices) will pick up as Thanksgiving approaches.
Tight fed cattle supplies are predicted to continue through September.
In the feeder cattle market, prices held steady with last week. Supplies of grass-fed yearlings are good and more calves are starting to show. Ranges on all classes are wide as buyers are selective on medium and plain-quality animals, Canfax says.
Volume was up 32 percent over the previous week and 88 percent over the same week last year.
The Saskatchewan Sheep Development Board reports lambs held steady with last week at $1.06. Demand remains strong for fat, 90-120 pound animals.
