Cattle markets dip
SASKATOON (Staff) – Fed cattle markets had a weaker tone last week as some U.S. packers facing losses shut their doors to wait out high prices. That caused U.S. markets to edge $1-$2 down from the previous week.
Canfax said Canadian prices sagged 50 cents to $1 by mid week. There was little U.S. interest, partly due to the firming Canadian dollar, and most buying was done by local packers.
Alberta Agriculture and Canfax analysts said this indicates the top of the season’s market has been reached and prices will trend lower in coming weeks.
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On the feeder side, demand and supply of calves has been light. Yearlings were in greater supply, but the price held steady. Volume was down 10 percent from the previous week and 17 percent from a year earlier.
Typically, deliveries pick up around Thanksgiving and continue for the next five to six weeks. Calf prices should be pressured, but yearlings could hold steady.
Hog prices above 1995
Meanwhile in hogs, slaughter in the U.S. is still running ahead of a year ago, but cash prices are $10 a hundredweight above this time in 1995.
The futures market held fairly steady, with no strong trend during the week.
Lambs in demand
The sheep market saw a slight weakening, but good demand for fat lambs. The Saskatchewan Sheep Development Board reports lambs over 75 pounds were down two cents to $1.04 a lb. Slaughter sheep were at 33 cents and goats 50 cents.
