Hog rally continues
The hog market continued to improve.
Less pork is being produced despite increased slaughter because carcass
weights are down.
Retail demand for pork has improved, Manitoba Agriculture said.
Higher wholesale prices in the United States for loins, hams and
bellies raised the pork cutout value, encouraging packers to increase
their bids for hogs later in the week.
The Iowa-Minnesota daily direct hog price (plant mean, 51-52 percent,
lean carcass converted to live weight) rose from $32.83 US per
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hundredweight on Sept. 30, to $34.65 on Oct. 3, bringing prices back to
the mid-August level.
On average, the week’s hog price rose about five percent from the week
before.
However, the hog market may get sideswiped if the US. west coast
lockout of longshoremen continues and meat intended for export to
southeast Asia backs up.
Fed market falls
The trend in the fed cattle market sharply reversed last week.
The slower beef movement and a comfortable supply of fed cattle caused
average prices to fall $3-$3.70 per cwt., said Canfax.
Producers resisted selling at the lower levels and many cattle were
passed. American buying interest was down. Also, the U.S. market was
lower, reflecting in part the lockout of U.S. west coast dock workers.
The volume was just over 15,400 head, eight percent smaller than the
week before.
Western packers have lots of supply on hand and are waiting seven to 21
days to pick up the cattle they buy, said Canfax.
Average carcass weights are climbing, indicating a backup in the number
of market-ready cattle.
Alberta prices Oct. 3 were steers $92-$94.35 per cwt., flat rail
$154.15-$155.05 and heifers $91.75- $94.55.
Slow beef movement pushed Montreal wholesale beef prices steady to $2
lower to $160-$161 per cwt., while Calgary fell to $150-$153 on market
weight animals and the mid-$140s on heavy carcasses.
Canfax said packers this week will be buying in preparation for the
short Thanksgiving week.
Fed supplies in the U.S. appear large through October, keeping prices
there in the mid-$60s US.
Feeder prices steady
Feeder prices were mostly steady although the numbers going to market
were up about 45 percent from the week before in Alberta.
Steers heavier than 500 pounds were steady to 50 cents per cwt. higher
while lighter calves were $1-$3.50 higher.
Heifer prices were mixed with calves less than 500 lb. $1.25-$2.75
higher, 500-700 lb. heifers $1.50-$1.80 lower and heavier heifers
steady to $1.25 higher, said Canfax.
Feeder exports continue strong. September exports totalled around
45,000 head.
Slaughter cow prices fell early but then strengthened. The average was
$2.25 lower than the previous week.
Canfax said feeders in some regions will likely come under pressure in
October, but the majority of the market should remain steady.
In stock cow trade, bred cow and heifer trade is still light for this
time of year. Bred cows were $700-$970. Bred heifers were $750-$1,050.