Hog prices fall again
Hog prices plunged again last week, hitting $70.44 per 100 kilograms, including premiums, in Manitoba on Nov. 5.
American hog prices were the driving factor, dropping to $18.50 (U.S.) per hundredweight on Nov. 3, the lowest since 1971.
Prices recovered slightly by the weekend, rising above $20 per cwt.
United States slaughter topped two million head for the sixth consecutive week. There are more hogs than slaughter capacity and some U.S. packers are considering Sunday slaughter.
Manitoba Agriculture says some smaller hog operations appear to be reducing or liquidating their breeding herds judging by the increase in sow slaughter.
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This could hurt prices in the near term as the sows add to the oversupply problem. Longer term, it could mean the recovery in 1999 will be better than expected.
However, analysts do not expect hog prices to rise back above $40 (U.S.) per cwt. until 2000.
Less beef for sale
The fed cattle price range was wide last week on a lighter offering.
Discounts were strong on heavy and short-fed cattle, said Canfax.
Prices Nov. 5 were steers $85.15-$88.50 per cwt. and heifers $86-$89.40.
Wholesale beef prices have improved lately, up $3 per cwt. to $155-$171 in Calgary this week.
The limited supply of market-ready cattle will keep cattle prices steady for the next week or two but as more numbers become available later this month, prices could fall a bit, Canfax said.
In the cow trade, D1, D2 cows were steady for most of the week but firmed late. Volumes are expected to peak this month.
Feeder steer prices were steady to $2 per cwt. higher on light calves last week. Light heifers were steady to 50 cents lower, likely reflecting a decline in replacement quality heifers.
Yearlings were mostly steady to slightly lower, depending on quality. As expected, volumes dropped 24 percent compared to the previous week. Canfax said the run will start to slowly wind down. Prices are expected to be steady on calves and steady-to-weak on yearlings, with quality being a large factor.
In stock cow trade, bred cows and heifer sales are increasing.
Bred cows ranged from $500-$1,275 (most from $700-$900.) Bred heifers traded from $750-$1,425 (most from $900-$1,000.) Cow-calf pairs ranged from $870-$1,120.
