Slaughter prices show holiday weakness
Slaughter cattle prices fell last week because Canadian packers have adequate inventory and U.S. markets weakened heading into the Thanksgiving holiday.
Canfax reported that U.S. prices dropped under $70 a hundredweight for the first time since September. In Canada, prices fell $4-$5 a pound.
Wholesale beef prices held steady.
With slaughter cattle supplies adequate and holiday disruptions in the next month, prices will be on the defensive.
The slaughter market downturn tested the feeder market but prices held steady. The market also seems to be disregarding the recent recovery in barley prices.
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Canfax says buyers are looking for top quality cattle and discounts are high for average or lower quality.
The volume of calves coming on the market was down 14 percent over the previous week, but Canfax believes there are still lots of calves to come yet. Compared to last year at this time, volume is down 11 percent. Better weather might improve supply, pressuring prices a dollar or two lower.
Good week for hogs
The hog market had a good week with prices up $1-$2 a kilogram higher. Wholesale pork prices in the U.S. rose sharply, allowing packers to increase their kill by four percent over the previous week.
The Omaha cash price was $56.50 U.S. a hundredweight Nov. 22, up $1.50 from the previous week.
Lamb prices $1.05 and better
The Saskatchewan Sheep Development Board says lambs over 80 pounds sold at $1.05/lb. and under 80 lb. at $1.12. Slaughter sheep sold for 30 cents/lb. and goats 45 cents/lb.
