Hog prices look better
The Manitoba Agriculture estimated index 100 price in last week’s paper was incorrect. It should have been $126 per 100 kilograms.
Strong demand for pork in the United States continued last week despite higher wholesale pork prices. Almost 2.08 million hogs were slaughtered, the fifth consecutive week with slaughter above two million.
The average weight of barrows and gilts in Iowa-southern Minnesota last week was 258.7 pounds, 1.5 lb. heavier than a week earlier and 2.5 lb. heavier than the same week last year. This is generating record pork supply that has so far been met by exceptional consumer and export demand.
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Iowa-southern Minnesota hog prices increased and by week’s end were $30.75-$38.75 (U.S.), (plant top, 51-52 percent lean, live equivalent) with a mean of $36.23, up $1.10 from the previous Friday.
In Chicago, hog futures rose through the week in the December contract but the deferred months were weaker.
In Canada, the dollar stopped its fall and gained strength in mid-week, offsetting some of the gains in hog prices.
Manitoba Agriculture estimates hog prices in that province rose to $130 per hundred kilograms last week.
Cattle prices rise also
Fed cattle prices averaged $1 per hundredweight higher last week and were expected to rise another $1 this week.
Volumes were large at more than 22,000 head, up 30 percent from the previous week. American plants were strong buyers.
Packers were still discounting carcasses weighing more than 900 pounds in some cases, although the numbers in that category are dropping.
Prices Oct. 21 were steers $88.25-$93.50 per cwt., flat rail $151.20-$153.55 and heifers $89.75-$94, flat rail $155.20-$156.20.
Wholesale beef prices rose again. The Montreal net price was up $2 to $157 for last week while the Calgary price for this week is up $2-$3 depending on weight. Handyweight carcasses are now quoted between $154-$167.
Canfax said volume should be tighter this week, but packers might reduce their kill. On the other hand, strong U.S. bids and buying interest should keep prices stable.
Canfax advised feeders to use the next three weeks to get current in their marketing.
The slaughter cow market was steady last week in spite of larger movement.
Feeder cow buyer interest and those looking for bred cows added to the competition at the markets. Supplies are expected to stay large but plenty of demand should keep prices from dropping far.
Feeder cattle trade
Top quality feeder cattle and calves traded steady to strong.
Canfax said there was a huge run of calves with the volume up 43 percent from the previous week and five percent higher than the same week last year.
With the large number of calves moving, some areas have been affected by lack of trucks.
Some markets reported medium calf prices eased off, especially by the end of the week.
Good demand from farmers supplemented that from regular order buyers. A lighter supply of yearling cattle traded strong.
Canfax said runs will be large again this week but the price should hold on top-end cattle.
There was a limited test of bred cattle. Most sales are slated for November or December. Bred cows brought $600-$1,300 with bred heifers at $800-$1,200. Cow-calf pairs ranged from $1,000-$1,340.
