Fed cattle prices dip
Fed cattle were $1 per hundredweight lower last week while heavy feeder and grass cattle were stronger to steady, said Canfax.
Rail grade prices were mostly $2 lower than the week before.
Volume fell to about 17,000 head, 14 percent smaller than the week before as many sellers opted not to take the lower bids.
Some cattle were sold on a contract basis into the United States for September delivery. Although volume was down, packers met their needs and were not interested in chasing cattle with higher bids.
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Alberta trade on July 27 was light with most of the business taking place on the day before at $138-$139 per cwt. dressed.
U.S. demand, whether through cash or contract, is preventing supplies from building even though feedlots’ show lists have not been fully marketed in the past few weeks.
Canfax said the question now is whether basis will narrow again with tighter local supplies or will packers cut kills to account for these reduced supplies.
Feeders strong
Heavy feeders dominated auction market sales again with solid prices and good buyer interest, said Canfax.
Light feeder prices were also strong in a lightly tested market.
Steers 300-600 pounds were up $1.25-$5 per cwt. and light heifers rose $1.25-$2.75.
Steers 600-800 lb. were up 50 cents-$1.50 and heifers 600-800 lb. rose 75 cents-$1.50.
Heavy steers 800-900 lb. and more were fully steady and heifers 800-900 lb. and heavier rose 50 cents-$1.
Alberta auction market volumes fell four percent from the week before but were up 55 percent from a year ago.
Feeder cattle exports were seasonally strong with about 3,700 head exported, said Canfax.
Butcher cows slumped by $3 per cwt. and butcher bulls fell $1.75.
Canfax said drying pastures may start forcing more cattle into feedlots. As well, empty pens still need to be filled so demand will be strong in the coming weeks.
Prices should continue to be solid with good buyer interest and possibly American interest.
In stock cow trade, plain bred cows traded lower at $450-$850 and bred heifers were $500-$900.
Cow-calf pair prices rose, with most at $1,050-$1,425 and plain types at $650-$1,000.
Canadian beef stronger than U.S.
Canadian cutouts are still at a solid premium over the U.S. equivalent. Small kills in Canada have limited supplies.
The Calgary wholesale market for delivery this week saw prices fall $2 with handyweight steers at $140-$142.
Last week’s kill of about 58,000 head was low for July. Dark kill days and reduced hours at plants, often due to labour issues, meant the kill was 14 percent smaller than a year ago, Canfax said.
The cut-out price slump continued in the U.S. with Choice losing $3.60 US per cwt. It now is trading at less than $140 for the first time since April. The Select cutout narrowed the gap, falling only $1 per cwt.
The Choice-Select spread now sits at $16, still wide compared to a year ago when it was $6.50.
High temperatures across the U.S. are taking their toll on meat consumption, said Canfax.
Hog prices fall
Cash hog prices in the U.S. fell last week due to ample marketings and a good supply of pork.
U.S. slaughter for the past two weeks was about five percent higher than at the same time last year, raising concerns about oversupply in the pork market as a heat wave prevailed across much of the country, limiting demand for meat.
The Iowa-southern Minnesota live cash price for hogs delivered to plants climbed to $49 US per cwt. July 28, down from $52 July 21.
The composite pork carcass cut-out value fell to $70.63 on July 28, down from $71.39 July 21.
Federal slaughter in the U.S. was estimated at 1.91 million last week, down from 1.96 million the week before.
Hot weather spread across the U.S. over the weekend, raising concerns about slowing hog growth.
Light lambs lower
Ontario Stockyards reported 1,617 sheep and lambs and 213 goats sold last week.
Light lambs traded $10-$15 Cdn per cwt. lower, while heavy lambs were $5-$7 Cdn cwt. down.
Sheep sold barely steady and the goats held firm.
Beaver Hill Auction at Tofield, Alta., said 284 head sold at its July 24 sale. Good light lamb prices rose. Finished lambs, ewes and goats were steady considering the quality.
Lambs lighter than 70 lb. were $125-$159 per cwt., 70-85 lb. were $145-$159.50, 86-105 lb. were $134-$139 and those heavier than 105 lb. were $115-$124.
Replacement ewes were $75-$80 per cwt., while cull ewes were $40-$75. Rams were $45-$87 per cwt.
Quality kid goats were $130-$190 per cwt., nannies were $61-$110 per cwt. and mature billies $110-$182 per cwt.
Bison deadline
Saskatchewan Bison Association reported that market animals will soon be older than 30 months as 2004 feeders begin sprouting a third permanent tooth. Animals that fail to meet the younger than 30 month dentition criteria are not eligible for export to the U.S. and will likely be subject to substantial price discounting.
Canadian and U.S. Department of Agriculture prices for young bulls were steady. Canadian rail carcass prices for top quality bison bulls younger than 30 months are $1.70-$1.90 per lb.
The July 10 USDA reported carcass prices for hot hanging weight, younger than 30 month bison bulls are up 40 cents from last month with a weighted average of $179.52 US per cwt.
