Hog prices down
Canadian hog prices fell last week in response to a lower United States market.
The Iowa-Southern Minnesota hog prices (plant top, 51-52 percent lean, live equivalent) declined through the week, settling Oct. 8 at $29.75-$38.25 (U.S.) per hundredweight with a mean of $35.13 per cwt.
The falling prices were due to large hog supplies, dropping product value and lack of retail demand, said Manitoba Agriculture.
Early in the week, lean hog futures prices corrected for last week’s “higher-than-justified” response to U.S. Department of Agriculture’s Sept. 1 hog and pigs report.
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Lower cutout prices and news of production problems, due to possible water contamination at a major American pork packer, added to the negative pressure in the cash market.
A late week upturn in lean hog futures prices probably won’t last because of problems in the cash market.
Average Manitoba Index 100 hog prices declined by about $4 per 100 kilograms to an estimated $133 per ckg.
Cattle prices increase
Fed cattle markets were up $2 to $3 per cwt. last week on the average with packers increasingly aggressive throughout the week.
The price range was again decided on weight, with light animals at the top and heavy ones at the bottom, said Canfax.
Packers have been attaching discounts on over-900 lb. carcasses to many of the live and flat rail bids.
These discounts ranged from $15 to $20 per cwt., with 950 lb. as much as $30 lower.
Prices Oct. 7 were big steers at $82.75-$85.30 per cwt. and regular weights $87-$90, flat rail $146-$150.75 and heifers $89-$92.25, flat $145-$147.75.
Beef trade and sales remain good into the fall, Canfax said. Packers have been able to push up wholesale beef prices in step with stronger cash cattle.
The Montreal price was up $2 per cwt. last week to $153. The Calgary wholesale price is up $3 per cwt. for this week with handyweights in a range of $149-$161.
Canfax said as the supply of heavy cattle is cleaned up, cattle prices should strengthen as they have in the U.S.
However, given low feed costs and high break-evens, significantly lower carcass weights are not likely.
Cow prices were steady. Packer demand was strong and there was good support on feeder cows from producers. Canfax said most D1, 2 cows ranged from $47-$58 per cwt. with sales to $64.The outlook is for steady prices.
The feeder market was steady. There was some difference between good and fair quality cattle, but on average there was little variation.
Volumes were exceptionally high, up 23 percent over last year at the same time
Canfax said feeder prices should continue strong. Farmer buying has been reported and is expected to lend some support to prices.
Price fluctuations will also continue as a greater variance in quality is seen.
In stock cow trade: Bred cows ranged from $625-$1,260. Bred heifers are from $800-$1,100. Cow-calf pairs were from $1,100-$1,640.
