Cattle futures up and down
Cattle futures prices were on a rollercoaster at the Chicago Mercantile Exchange last week over mad cow disease-related fears.
Prices plunged after it was learned some cattle in a Texas feedlot were accidentally given feed containing meat and bone meal, in contravention of anti-mad cow protocols.
The market rose once the incident proved to be isolated.
In the western Canadian cash market, fed cattle traded steady to $1 per hundredweight lower.
Volumes were up and most cattle were sold to western buyers, with a small number going to the United States.
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Alberta prices on Feb. 1 were steers $102-$106.90 per cwt., flat rail $175 and heifers $103.75-$106, flat rail $175-$177.55.
Beef prices down
Fed cattle prices were dragged down by slower beef movement.
This problem could linger through February and cause prices to fall $1 to $3 per cwt. , especially if the U.S. market weakens, Canfax said.
The slower beef movement can be traced to the fact that high fed cattle cash prices of the last two months have finally hit the retail beef counter.
Calgary wholesale prices are down $2 per cwt., with handyweight carcasses at $174-$184 and heavyweights at $171-$174.
The Montreal wholesale price is down $2 at $179-$181.
Cow prices were up $1-$2 per cwt.
Feeders dip
Feeder cattle prices fell on all weights over 600 pounds despite much lower volumes.
Fleshy cattle are being sold at a big discount to green cattle. Feeder steers at 900 lb. dropped almost $4 on average. They will be summer finished, a market many feedlots like to avoid.
Canfax said pressure is expected to continue on prices throughout February.
Weaker fed cattle prices usually signal price resistance in the feeder auction rings.
Some fast gaining cattle were sold early in January, but sales are not expected to dry up.
Calf prices should remain mostly steady.
Stock cattle
In stock cow trade, speculation was high on whether prices will be higher this year, or below expectation like last year, Canfax said.
This week saw bred cows sell from $800-$1,450 (most from $1,100-$1,300.)
Bred heifer quotes came in from $1,000-$1,450, and cow-calf pairs sold from $1,175-$1,550.
Prices were expected to be steady this week.
Hogs
Bad weather in the U.S. Midwest delayed deliveries and supported cash hog prices early last week.
Lean hog futures prices and pork bellies futures prices began the week on a weak tone, as traders were concerned about the potential for both the cash market and pork product movement.
The relationship between hog futures and cash prices has been described as unseasonably wide, said Manitoba Agriculture.
The weather-reduced deliveries forced packers to increase bids, creating a relatively strong cash market that helped drive up the lean hog and pork belly futures market.
The Iowa-southern Minnesota hog prices (at plant mean, 51-52 percent lean, live equivalent) rose from $38.71 (US) per cwt. on Jan. 29, to $40.04 per cwt. Feb. 2. Canadian prices also rose.
