SASKATOON (Staff) – Hogs continued their run last week as packers bid aggressively for tight supplies, pushing prices up $5-$7.
A recent United States Department of Agriculture report that showed the total U.S. inventory is down four percent from last year and the breeding herd is down two percent helped strengthen the Chicago futures market.
Some American cash markets bid as high as $61 (U.S.) per hundredweight Oct. 3.
Cattle markets
Slaughter cattle edged slightly higher, although there were wide ranges depending on quality.
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Canadian cattle saw a strong demand from American buyers which are facing the highest U.S. prices since March 1995. Prices hit as high as $73 south of the border last week.
The number of cattle ready for slaughter is expected to remain tight for the next few weeks so prices are expected to stay close to current levels. Cow prices were steady with last week and similar to last year’s level.
Feeder cattle trade was mixed during the week. The average price held about steady with the previous week, but Canfax sees pressure developing this week. The good news for livestock producers is that feed barley and feed wheat should be in good supply after last week’s snow.
Sheep
The Saskatchewan Sheep Market Development Board reports lambs over 75 pounds sold for $1.04 a pound while those under 75 fetched $1.10. Slaughter sheep sold steady at 33 cents and goats at 50 cents.
