Fed cattle rise
Fed cattle weekly price averages rose 50 cents per hundredweight from the week before.
A handful of top quality, high yielding cattle brought prices about $1 higher on the top end, Canfax said.
Packers appeared to need inventory. The show list was slightly larger and while not everything sold, more than 22,000 head traded, down nine percent from the week before.
The few steers and heifers being exported now are mostly forward contracted cattle, said Canfax.
Alberta prices June 1 were steers $86-$86.75 per cwt., flat rail $141.65-$143.45 and heifers $85.
Read Also
USDA’s August corn yield estimates are bearish
The yield estimates for wheat and soybeans were neutral to bullish, but these were largely a sideshow when compared with corn.
Canfax said that volumes will slowly build through June, but if kills remain near 70,000 head per week, the increase should be manageable.
The narrow basis continues to indicate that feedlots should be sellers.
U.S. markets continue to suffer from rising carcass weights and a growing supply of front-end cattle, those nearing market weight.
Currency affects beef
The Canadian cutout was about 50 cents lower on AAA and AA two weeks ago, likely a result of the stronger Canadian dollar.
Middle meat supplies are tight but packers struggle to move the end products. U.S. cutouts saw a $4 US per cwt. increase last week as good beef sales spurred buyers into the market following Memorial Day.
Cutouts shot up to more than $150 on Choice at the close of the week, indicating a contra-seasonal move.
The Calgary wholesale price gained $2 Cdn for delivery this week with handyweight steers at $145-$147.
Feeder prices rally
Alberta auction market volumes rose seven percent from the week before at 21,415 head. That was down 16 percent from a year ago.
Optimism was again apparent in the feeder market with steers 800-900 pounds and heavier up $1.25-$1.75 and heifers 800-900 lb. steady while 900 lb. and heavier heifers rose $1.50.
A limited supply of lighter cattle saw steers 500-800 lb. down 25-75 cents per cwt. and heifers 500-800 lb. up $1-$1.75.
Steers 300-400 lb. fell 75 cents and 400-500 lb. steers rose 50 cents. Heifers 300-500 lb. rose 25 cents-$1.26.
D1, 2 cows rose $1.75 and butcher bulls were up 50 cents.
Canfax said strong local interest would continue to support prices on quality cattle. U.S. buying interest is limited as the basis narrows. About 2,340 head of feeder cattle were exported to the U.S. for the week ending May 27. Volumes are expected to remain small over the next 60 days.
Stock bred cows in central and northern Alberta traded lower at $900-$1,450, with plain types at $400-$850. Bred heifers in central and northern Alberta traded higher at $825-$1,050, with plain types $550-$800.
Cow-calf pairs fell to $950-$1,530, with plain types $600-$900.
Hogs edge higher
U.S. packers were forced to increase their kill last week to make up for being closed on Memorial Day. Coupled with tight market-ready supplies, that drove cash hog prices higher last week.
The Iowa-southern Minnesota live cash price for hogs delivered to plants rose to $50 US June 2, up from $49 May 26.
Packers started the week with positive margins, but pork prices dropped late in the week, cutting into margins.
The composite pork carcass cut-out value climbed for most of the week but dipped to $69.23 June 2, down from $70.21 on May 26.
Federal slaughter in the U.S. during the holiday shortened week was estimated at 1.67 million, down from 1.92 million the week before.
Lambs, sheep down
Beaver Hill Auction in Tofield, Alta., said 987 head sold at its May 29 sale.
Lambs fell $10 Cdn per cwt. and sheep were up to $15 lower.
Goats fell by $15-$25 per cwt. with thin and dairy types under pressure.
Quality kid goats 45-70 lb. were $165-$205 per cwt. Good crossbred billies brought top dollar.
New crop lambs under 70 lb. were $55-$66 per cwt. while 70-85 lb. were $132-$140.
Old crop lambs 86-105 lb. were $105-$108, 86-105 lb. were $128-$134 and 105 lb. and heavier were $115.
Replacement ewes were $55-$66. Rams were $55-$65. Cull ewes were $45-$55.
Nannies were $70-$122.50.
Mature billies were $148-$155.
Poor and thin goat families were $90-$170 each.
Ontario Stockyards reported 1,819 sheep and lambs and 261 goats traded. All classes of sheep, lambs and goats sold fully steady.
