Dollar down, prices up
SASKATOON (Staff) – The collapse of the Canadian dollar continued to fuel higher prices for fed cattle last week, Canfax reported.
Trade by the end of the week was another $1 to $2 higher. Expect cattle prices to mirror what’s happening with the dollar, Canfax advised. Last week the drop in the dollar was added straight back onto cattle prices.
A lower Canadian dollar added strength to feeders as well. Volumes offered were up 64 percent over last week, but were 29 percent lower compared to the same week a year ago. Good harvest weather is keeping producers busy with field work.
Canfax predicts a lower Canadian dollar will lend support to the feeder market, but the weakness could be gone as fast as it appeared.
