Big drop for hog prices
Hog prices were in a free fall last week, dropping to levels in the United States not seen since the early 1970s.
Prices dropped about $1 (U.S.) a day, winding up Oct. 30 at $21-$22 per hundredweight at terminal markets in the American Midwest. Rain in the region allowed producers to bring more hogs to market.
Canadian prices dropped in step. In Saskatchewan, the average price paid to producers was $10.80 per 100 kilograms less than the previous week’s average.
Manitoba Agriculture said analysts think low prices are causing producers to ship more sows and gilts, adding more pork to an overloaded market.
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Cash bids were expected to be lower this week.
In Manitoba, Index 100 prices fell from $106.10 per ckg Oct. 26 to about $90 per ckg by Oct. 29.
Cattle prices stable
Fed cattle prices were mainly steady last week, indicating the seasonal peak has been reached, said Canfax.
Price ranges were wide at times, reflecting a mix in quality. Heavy cattle traded at the low end of the range while a few lighter, shorter-fed cattle also brought lower prices due to smaller yields.
Meanwhile, top quality heifers surpassed the $90 per cwt. mark for the first time since the May peak.
Volumes were down by seven percent from the previous week.
Prices Oct. 29 were steers $83.75-$88.75 and heifers $85.50-$89.70.
In the beef trade, the Calgary wholesale price for this week was up $3 per cwt. in a range of $152-$168 on handyweight steers.
Canfax said tighter supplies over the next two weeks may keep prices steady, but higher values are not expected.
Some heavier yearling cattle placed on feed in August are starting to make their way to market.
Cow prices were under pressure at auction markets as volumes started to increase. Averages were virtually unchanged but the top end of the trading range was down $1-$2 per cwt., Canfax said.
Prices were expected to be down another $1-$2 this week.
Feeder prices were mainly steady last week despite large volumes.
Lightweight calves gained $2 per cwt. on average. In Saskatchewan some 500-600 pound. heifers fetched exceptionally strong prices.
Some classes of yearlings were lower, mostly due to quality.
The heavy sales volume should start to decline in November, helping keep prices steady on all weights.
