Pork prices fall
Wholesale pork prices in the United States declined last week. This, coupled with the short kill week following the Labor Day holiday and ample supply of hogs, caused packers to reduce their cash bids for hogs.
For hogs delivered directly to the plants, prices declined as the week progressed.
The Iowa-Southern Minnesota hog price (plant top, 51-52 percent lean, live equivalent) decreased from $39.50 (U.S.) per cwt. on Sept. 7 to $37.25 at week’s end.
Some analysts expect U.S. hog slaughter to exceed two million head this week, which will add more pork to the already large stocks.
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Manitoba Index 100 hog prices were estimated at $132 per 100 kilograms, which were higher than other markets in Canada. The Maple Leaf Pork plant in Brandon, Man., officially began slaughtering hogs on Sept. 7 and is increasing the kill at a faster rate than expected.
Fed cattle prices climb
Fed cattle prices rose on the average about 25 cents per hundredweight last week.
Lighter weight heifers drew the premium prices with a few fetching more than $90 per cwt., said Canfax.
Clean-up, off-type or heavy weight steers generally made up the bottom end of price ranges.
Prices Sept. 9 were steers $86.15-$87.97 per cwt., flat rail $144.00-$146.85 and heifers $85.50-$89.50, flat rail $149.50-$150.40.
Beef movement was steady.
Last week’s Montreal wholesale price lost $1 to settle at $152 per cwt. while Calgary’s wholesale price for this week was $147-$160 on handyweight carcasses.
Firmer hide values and other credits should result in higher credit prices later this month.
Canfax said in the short-term, fed cattle prices will likely be steady with discounts continuing on heavier types.
Packers will be looking to move the inventory they’ve got before stepping out further.
Market-ready cattle supplies should tighten later this month, pushing up prices.
In the meantime, producers should stay current, especially on heavier cattle, and trade into this slower demand period.
Weekly slaughter cow average prices were mostly steady although trade was mixed from market to market last week.
Strong feeder cow and bred cow demand has added buyers to the marketplace, but packer bids fell in line with lower boneless beef prices.
More cows are expected to move and thereby limit prices over the next two months.
Feeder cattle markets again saw steady yearling prices and higher calf prices.
Comparing weekly averages this year to last year is like comparing day to night, said Canfax.
For example, steers averaging 550 lb. are up $28 over last year at this time.
Demand for yearlings continues to outpace supply.
Volumes were down nine percent this week at just over 47,000 head partly due to the short week.
However, numbers are up 31 percent compared to last year, as producers take advantage of the high prices.
Canfax said yearling prices will remain strong while calves are expected to see some pressure as volumes pick up into October.
Bred stock cows ranged from $600 -$1,200. No bred heifer sales were reported. Cow-calf pairs were priced from $900 -$1,600.
