Cattle prices up
The fed cattle trade continued strong last week with weekly average prices up $2 per hundredweight on steers and $1.50 on heifers.
Premium prices were noted throughout the week with live heifer sales on Oct. 13 topping $94 per cwt.
American packers bought several loads of cattle.
Prices for Oct. 14 were steers $88.50-$92.75 per cwt., flat rail $151-$154.25 and heifers $88-$93.55, flat rail $153.65-$154.65.
In the U.S., fed cattle were selling in the $70s (U.S.) for the first time since October 1997.
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Canadian wholesale beef prices rose. The Montreal price was up $2 (Cdn) last week at $155 per cwt. The Calgary price for this week was up by $3-$4 to $152-$164 on handyweight steers. Heavies and extra-heavies continued to be discounted. Credit values were more firm on the strength of the hide market.
Canfax said cattle prices should strengthen again this week. Supplies of market-ready cattle should tighten over the next few weeks. Strong beef demand is supporting prices and will be a critical factor in the future.
Price ranges should narrow as fewer heavies appear in the mix.
Slaughter cow prices started off lower, but stabilized by week’s end. Support came from buyers on the feeder cow market. Boneless beef prices lost two cents. Canfax expects prices this week to be barely steady.
Feeder cattle prices were steady with some heavier calves discounted off the top prices.
Some yearlings also experienced price pressure although quality and condition were factors.
Volumes were large, as expected, and farmer interest remained strong.
Feeder cattle imports from the U.S. under the North West Project for the first week of October totaled 8,011 head.
Canfax said feeder cattle prices are expected to remain strong through October.
Stock Cow Trade: There was a limited test of bred cattle this week. Bred cows ranged from $600-$1,300. Bred heifers traded from $950-$1,200. Cow-calf pairs were from $950-$1,640.
Cattle on feed
The U.S. Department of Agriculture delivered good news in its cattle on feed report Oct. 15.
Placements were below trade guesses and marketings were higher than expected.
The number of cattle on feed is up five percent from last Oct. 1. An average of analysts’ estimates called for an increase of six percent.
September placements were four percent above year-earlier levels compared to analysts’ expectations of seven percent.
September marketings were up seven percent in the seven major cattle feeding states compared to the analysts’ forecast of 4.6 percent.
Marketings were high because feed lots are selling cattle as soon as they are ready to take advantage of the strong fed cattle cash market.
Cash prices in the U.S. have risen from about $65 (U.S.) per cwt. Sept 21, to more than $71 this week.
The report was also expected to raise cattle futures prices this week.
Hog prices rise
Hog prices in Manitoba gained last week as they followed the United States market. They fell in Saskatchewan and Alberta.
The Iowa-Southern Minnesota (plant top, 51-52 percent lean, live equivalent) dipped early in the week but rose to $38.25 per cwt. by week’s end. The mean price Oct. 15 was $35.61 compared to $35.13 the week before.
U.S. slaughter was more than 2.1 million, a level that last year would have sent hog prices plummeting. Strong pork demand is preventing a meltdown.
The estimated Manitoba Index 100 hog price averaged $134.13 per 100 kilograms last week.
