Fed cattle mostly steady
The Canfax weekly average price for steers was virtually unchanged from last week at $102.47 per hundredweight while heifers rose 66 cents to $101.70.
Alberta prices May 2 were steady with the week before, at $99.65-$104 per cwt. live and $169.25-$174.25 on the rail for steers and $99.65-$104.45 live and $169.50-$171 on the rail for heifers.
Light trade the following day saw weaker prices with steers at $101.75 per cwt. live and $166.80-$168.60 rail.
Bids of $20 per head for age verified cattle were reported early but most traded at a $30 premium.
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Volume for the week was about 21,000 head.
The Canada to U.S. basis narrowed slightly to $4.99 under from $5.62 under the previous week.
Fed cattle exports two weeks ago totalled 14,602 head.
Weak U.S. beef demand
Canadian and U.S. beef prices diverged again last week, Canfax said.
Americans have not crowded to the beef counter to stock up on barbecue supplies this spring. Wet weather is partly to blame.
The U.S. Choice cutout was down $4.02 US and Select down $2.12. At a time of the year when Choice demand is supposed to rise and the Choice-Select typically widens, it narrowed by $1.97 to $11.70 last week.
Packers were forced to drop prices to stimulate sales and reduce inventories. Unless demand picks up, prices could drop again this week.
Canadian packers report decent demand for middle meats but other cuts are struggling and as a result have no plans to expand kills in the near term, Canfax said.
The Calgary wholesale market was quoted $2-$3 Cdn higher at $172-$174.
Feeders rise
Alberta auction markets saw 37,500 head sell last week, up 36 percent from the week before and up 15 percent from last year.
Feeders recovered the ground they lost the week before.
Light steers and heifers 300-500 pounds were steady to $2.25 higher.
Grass cattle 500-700 lb. were steady to $2.50 higher and heavy feeders 700-900 lb. were steady to $1 higher. Steers 900 lb. and heavier were $1.25 lower.
Feeder cattle exports for the week ending April 28 totalled 10,168 head.
Butcher cows were lower but stabilized near the end of the week with D1, 2 down 50 cents and D3 cows down $1.25. Butcher bulls were steady.
Feeder cattle futures nose-dived May 3 as fed cattle futures dropped on weak U.S. beef sales, falling beef prices and rising corn prices.
Beef prices will likely drift lower seasonally into June and many feel the seasonal high price in the U.S. cash cattle market has been set. In stock cow trade bred cows in central and northern Alberta traded higher at $750-$950, with plain types $550-$700.
Bred heifers in northern Alberta were higher at $850-$1,000, with plain types $550-$800.
A good offering of cow-calf pairs around the province fetched prices of $950-$1,200, with tops to $1,400 and plain types $750-$900.
Hog prices rise
U.S. hog supplies remained tight, supporting prices.
Packer margins tightened as pork prices failed to keep up to the stronger hog prices. Packers might reduce slaughter this week to try to pressure pork higher and hogs lower.
Iowa-southern Minnesota hogs traded May 4 at $55 US per cwt., up from $53 on April 27.
The U.S. composite pork carcass cut-out value was $75.34 May 4, slightly lower than $75.89 posted April 27.
Federal slaughter in the United States last week was an estimated 1.97 million, down slightly from 1.975 million the week before.
Bison report
The Canadian bison report was not available.
The U.S. Department of Agriculture reported April 10 that carcasses from bulls younger than 30 months dipped to an average of $180.68 US for March, down from $181.75 in February.
Cull cows climbed to $115.68 per cwt.
Lambs steady
Ontario Stockyards reported 1,422 sheep and lambs and 78 goats traded last week.
Lambs sold at barely steady prices. Sheep were $5 Cdn per cwt. lower. Goats were firm.
