Fed cattle prices weaken
Average fed cattle prices were down again last week with steers 75 cents per hundredweight lower and heifers down $1.75.
Canfax said the week started with a weak market. It strengthened by the end of the week thanks to stronger live cattle futures and weakness in the Canadian dollar.
Western buyers took most of the cattle, but outside buyers were also active. Volumes were 31 percent smaller at just under 14,000 head.
Alberta prices Nov. 1 were steers $91.75-$94.35 per cwt., flat rail $155.70-$155.75 and heifers $91.75-$94.
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On the meat front, beef movement showed signs of improvement. But meat prices fell again with eastern Canadian prices $1-$2 lower at $159-$160 per cwt.
Alberta prices on handyweight carcasses were steady to $3 lower at $154-$164 per cwt. and heavies were steady to $3 lower at $148-$153.
Canfax said that with the American cash market up 50-75 cents US last week and cattle futures a little stronger, Canadian prices should strengthen slightly.
But with American Thanksgiving and Christmas approaching and consumer focus turning to turkey and ham, the prospects for a stronger beef market are dimming.
Feeder prices down
Pressure continued on all classes of feeder cattle last week.
Steers were mostly $3-$6.50 per cwt. lower and heifers were $2.70-$4.50 lower.
Strong pressure was seen on the 300-400 pound calves with prices down $7-$9.50. However, some quality calves brought steady prices. Buyers are becoming selective, said Canfax. Volumes were down by 21 percent from the previous week and 22 percent lower than the same week last year.
Slaughter cows were also under some pressure with the average off almost $2 per cwt.
Canfax said fed market problems are still hurting the feeder market.
But feedlots are expected to continue to pay good prices for quality animals. In stock cow trade, bred cows were $700-$1,350, with most at $850-$1,250. Bred heifers were $750-$1,350 with most at $850-$1,250. The few cow calf pairs marketed were $950-$1,550.
Hog prices rebound
U.S. hog slaughter decreased again, partly due to reduced hog marketings by producers preoccupied with harvesting. Improved retail demand for pork and rising wholesale prices for pork bellies, picnics and hams reversed last week’s downward trend, contributing to a higher pork cutout value this week.
Packers paid less for hogs earlier in the week, but as profit margins improved at the end of the week, so did hog prices. The Iowa-Minnesota daily direct hog price (mean, 51-52 percent lean, live equivalent) started the week at $38.94 US per cwt. dipped midweek, but rose to $39.06 on Nov. 1. On average, the week’s hog price was 1.8 percent lower
Lower U.S. hog prices continued to have a negative impact on the Canadian hog market, but this was partly offset by the weakening Canadian dollar.
