Hog prices continue slide
After a brief respite, ultra low-hog prices returned late last week.
In Manitoba, Index 100 hog prices, including premiums, rose to $83 per 100 kilograms on Nov. 17, but fell to $72.16 per ckg on Nov. 19.
U.S. prices also rose early in the week, but by Nov. 13 the Omaha price was $19 per cwt., down $1 from the previous Friday.
U.S. hog producers who have delayed selling, hoping prices will improve, have made the supply situation worse. Average carcass weights have increased, adding more pork to an already saturated system.
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Manitoba Agriculture said analysts do not expect dismal prices to continue into December, but if carcass weights continue to rise, the low price period will be extended.
Cattle prices up
Fed cattle prices strengthened last week, posting values on average $1-$1.50 per cwt. higher.
Volumes were light at almost 11,000 head, down 20 percent partly due to Remembrance Day. More light cattle were in the mix this week.
Canfax said the top end of prices were the highest since November 1996. Basis levels also fell to the narrowest since May.
Prices Nov. 19 were steers $87.50-$90.75 per cwt., railgrade $150 and heifers $87.50-$90.
Wholesale beef prices are expected to start drifting lower and the volume is shrinking as pork sale features become more common.
Carcass weights are up over a year ago, but steers are down about 15 pounds from the record in late September.
Canfax said marketers will have to be aggressive this winter to limit the downside as numbers increase into December and January. Ample low priced pork will limit the upside of the market this winter.
Slaughter cows were mostly steady to slightly higher than last week and the trend should continue this week. Stronger boneless beef prices and seasonally tighter cow supplies were supporting factors.
Feeder cattle prices were steady to $1 per cwt. higher on most ranges last week, Canfax said.
The exception was 500-600 lb. steers, which were $1 per cwt. lower and yearling heifers that traded $2 higher.
Most calves were still commanding strong prices as volumes begin to slide. Canfax said volumes will decline in the next few weeks.
Prices are expected to be steady on feeders with quality a factor.
Bred cow and heifer price ranges were wide, reflecting quality and condition. Bred cows ranged from $450-$1,500. Most top quality cows traded from $950-$1,250, with medium types from $750-$900.
Bred heifers were priced at $550-$1,475. Most top quality heifers were $800-$1,100, with medium types $700-$900. Cow-calf pairs ranged from $850-$1,050.
