Hog prices drop
Hog prices on both sides of the border fell last week.
In the United States, packers lowered bids in response to large frozen pork stocks, falling wholesale pork prices and higher hog marketings.
Iowa-southern Minnesota hog prices (at plant mean, 51-52 percent lean, live equivalent) started the week at $40.54 (US) per hundredweight and fell to $38.41 per cwt. by week’s end, a decline of $3.05 from the week before.
Manitoba Agriculture said slaughter capacity in Quebec is not keeping up with production there. Some hogs from Quebec and Ontario are being sent to Manitoba for slaughter.
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Fed cattle sell stronger
Average fed cattle prices strengthened last week with steers up $2.50 per cwt. and heifers up $1.50.
Canfax said U.S. interest was strong as cash prices south of the border climbed to $70 and the Canadian dollar weakened. If American buyers return again this week, it will help address the surplus of overweight cattle.
Alberta prices Oct. 26 were steers $90.25-$95.50 per cwt., flat rail $154-$158 and heifers $91.25-$96.50, flat rail $156.25.
Packers reported beef movement is steady to a bit stronger.
Calgary wholesale prices rose $2 with handyweight carcasses at $150-$165 per cwt. and heavyweights at $147-$150. The Montreal price was expected to rise in line with higher cash cattle prices.
Byproduct prices were $120-$132 as a result of higher rendering and heart prices.
Canfax said there should be a seasonal decrease in fed cattle supplies over the next few weeks and that will support the market.
Cow prices were steady, supported by interest from producers looking for bred beef cattle. Ranges were mostly unchanged at $55-$63.
Canfax expects the market will be under pressure this week.
Many feeder markets saw downward price movement last week due to varying quality and a 24 percent increase in the number at market, compared to the week before.
Most of the pressure was on the 500-600 pound steers with prices down $2 for an average of $155 per cwt.
However, yearling prices are expected to remain steady due to tight volumes.
Canfax expects price pressure on overall averages to continue, but quality calves and feeders could still command premiums.
Also, the overall dip in price might encourage some feedlots to buy more.
Stock cow trade picked up and bred cows ranged from $700-$1,475 (good types from $1,100-1,475.)
Bred heifers sold from $900-$1,500 (quality from $1,100-$1,500.) Cow-calf pairs were $1,200-$1,650 (most from $1,100-$1,500.)
