Cattle prices high for right size
Fed cattle prices surged past $100 per hundredweight last week.
Canfax said the high prices were paid for cattle that were longer fed, handyweight (1,250 pound) heifers.
Many steer sales occurred between $96 and $98. Extra heavy cattle were generally at the lower end of the price ranges. Volume was down 33 percent from the previous week at just over 12,000 head.
Many shorter fed cattle made their way into the run. A few cattle were sold to American buyers but active local packer bidding early on kept most cattle in Canada.
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Prices Nov. 18 were steers $94.45-$98.85 per cwt., flat rail $163.60-$164.35 and heifers $95.25-$99.
Beef trade: Packers were able to increase wholesale beef prices by five cents a pound, but more is needed given the rise in the cash market, said Canfax.
The Calgary wholesale market is up $5-$6 per cwt. on handyweight steers, putting it in a range of $160-$174 for this week.
To try to boost beef prices, some packers are reducing kill levels to tighten supplies.
Canfax said a combination of more short-fed cattle on offer and packers reducing kill rates will likely mean lower cattle prices, but still in the mid to upper $90s.
Canfax warned producers to keep an eye on weights because cattle have gained quickly with the warm weather.
Slaughter cow prices were slightly higher on average. The outlook is for prices steady to $1 per cwt. higher this week, said Canfax.
Feeder cattle and calf prices were generally strong again.
Top quality feeders drew higher prices than last week. A shrinking supply of yearling cattle meant plenty of demand for them.
Overall volume was down 40 percent from the previous week, at just over 50,000 head, but was similar to the same week last year.
Canfax said prices will become more reflective of quality, but with only about a month left in the year, buyers will be looking to make their year-end purchases.
More bred cow and heifer sales were reported across the West last week. Top quality cattle saw strong prices and excellent demand.
Other quality sales were mediocre, so ranges were wide. Top quality bred cows brought $1,100-$1,450 with medium types at $900-$1,050 and plain ones at $600-$850.
Top quality bred heifers in several special sales brought $1,200-$1,500 with extreme highs to $1,700-$1,810.
Good quality heifers were $1,000-$1,200 while plain heifers traded at $600-$900.
A few cow-calf pairs sold at $900-$1,360.
U.S. leads pork resurgence
U.S. hog prices continued their upward climb thanks in part to higher prices for most pork cuts.
Iowa-southern Minnesota hog prices (plant top, 51-52 percent lean, live equivalent) peaked at $41.75 (U.S.) per cwt. on Nov. 17. Prices backed down by Nov. 19, when the top was $38 per cwt., the same as the week before.
American hog operations appeared to sell as many hogs as possible to avoid a backup during the coming shortened U.S. Thanksgiving holiday week.
The strong pork belly market, which has helped support hog prices, dropped at mid-week, but is expected to rebound after the holiday.
The estimated average Manitoba Index 100 hog price, including premiums, rose by $10 to $135 per hundred kilograms last week.
Maple Leaf Pork stopped killing hogs at its Winnipeg plant last week, but the plant will remain open to process pork. Maple Leaf now must decide if the plant will be retrofitted for use solely as a pork processing facility.
