Canadian fed cattle hold steady
For the first time in a long while, fed cattle in Western Canada narrowed the gap with U.S. prices.
American cash markets slipped last week, but prices held north of the border, said Canfax. Oct. 17 trade saw steers bring $85-$88.20 and heifers $86.40-$87.90.
Trade was light last week and Canadian packers had to pay up to get supplies. Bids from U.S. buyers were limited partly due to their lower market, but also because of a lack of cattle that fit U.S. needs.
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The Chicago December future contract is in the $65 U.S. range, a strong discount to current cash prices, so American feedlots are predicted to be aggressive sellers in November and fewer cattle will grade choice, Canfax said.
Meanwhile in the feeder cattle market, calf supply and demand picked up during the week as more producers finished harvest and were able to turn their attention elsewhere.
Calves were $1 or $2 higher on average, although quality encouraged bids up to $5 higher. Good quality yearlings were steady, but more plain and poor quality was offered, pulling down the average price.
Turkeys squeeze hog market
The hog market dropped during the week because of the Thanksgiving holiday and lower U.S. markets. The U.S. market had been feverish the past few weeks, but on Oct. 18, the Omaha closing price was $54, a $2.75 drop from the previous Friday.
Slaughter sheep dip slightly
The Saskatchewan Sheep Development Board reports lambs over 80 pounds at $1.02 a pound and under 80 at $1.10. Slaughter sheep fell to 30 cents a pound from 33 cents.
