Cattle volumes down
Fed cattle prices drifted lower last week on reduced volume because of the Nov. 11 holiday.
Prices Nov. 13 for steers were $84-86.15 per hundredweight and heifers were $82-$89.95.
Wholesale beef prices in Montreal were down $2 to $172 per cwt.
Canfax said increasing supplies heading into December and a lower U.S. cash market will see Canadian prices hold steady or drift lower in coming weeks.
Carcass weights are still above last year’s level, leading to lots of meat per carcass. The spot fed cattle basis, Calgary to Omaha, is $9.07 compared to $9.27 the previous week.
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The slaughter cow market appears to have hit the fall bottom, attracting interest from some feeders. This forced up prices.
The feeder market saw the number on offer fall again. Canfax says wide price spreads are evident, with quality determining price. Prices are expected to remain steady into December.
Market weights of U.S. hogs rose again this week, adding to the over-supply problem. U.S. packers edged up their bids last week due to bad weather that kept deliveries down. The Omaha cash bid Nov. 14 was $47.25 (U.S.) per cwt., up $2.75 from the previous Friday.
Prices in Canada slipped three to four cents per kilogram over the week. Manitoba Agriculture said the higher U.S. market will support prices this week, but the Maple Leaf Foods strike could affect prices, especially in Ontario.
Slaughter lambs had a base railgrade price of $2.15 last week, according to Canada West at Innisfail, Alta. Liveweight prices were $1.02-$1.05 for lambs 90-110 pounds, and $1.02 for lambs 110 lb. and heavier. Slaughter sheep were selling for 40 cents liveweight.
