Beef sales sluggish
SASKATOON (Staff) – With plenty of product in the pipeline and few retailers risking beef features at the expense of Thanksgiving turkeys, sluggish retail demand was reflected in lower slaughter cattle prices last week.
Wholesale prices in Calgary and Montreal were off about $2 per cwt. to $134-$140 in Calgary. Lower pork prices, due in part to a huge increase in the U.S. pig slaughter, means both the pork and beef sectors are under pressure.
On the slaughter side, Canfax reports packers have secured two or three weeks worth of inventory, so they are in no hurry to buy. U.S. buyers, similarly, have backed off on their buying.
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The result was slaughter cattle prices were barely steady. Trade on Sept. 20 saw steer prices at $75.50 to $82 while heifers were bid between $79.75 to $80.25.
The situation was similar for feeder cattle. Canfax reports volumes were similar to those marketed the previous week and the same time last year. Good September weather and grass have kept animals at home. Canfax reports buyers are very selective on off-types, but bigger numbers are putting pressure on good calves as well. Prices bid in a wide range.
Depressed pig prices
The United States department of agriculture’s quarterly hogs and pigs report indicates pork prices will be under pressure for another eight or nine months, with the largest inventory of hogs in the U.S. in 14 years.
Prices on the Canadian Prairies continued to slide, though producers are still selling good volumes. Pool prices in Saskatchewan lost $2.10 per hundred kilograms; $2.20 in Manitoba and $3 in Alberta.
