Fed cattle weaken
The fed cattle market was softer again last week, Canfax said.
Fed steers were $88.80-$95 per hundredweight live and $145.45-$153.30 on the rail with the weekly average coming in at $91.44, down $4.50 from the week before.
Heifers ranged from $91-$91.60 live and $148.35-$153 on the rail and averaged $91.17 for the week, down $4.75.
About 21,000 head sold but some producers resisted bids in the upper $80s and chose not to sell, resulting in some carry over, Canfax said.
Exports declined to about 7,000 head two weeks ago. But last week the Canada to U.S. cash-to-cash basis widened to $7.28 under from $4.33 under. If the trend continues, it might increase exports.
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Beef drifts lower
U.S. Choice cutouts last week fell $4.94 US to $150.47 and Select fell $2.54 to $143.90. The Choice-Select spread narrowed to $6.57.
Box beef movement was moderate to fairly good on heavy offerings, Canfax said. With the larger slaughter, packers reduced prices to help renew buyer interest.
Canadian cutouts for the week ending May 25 were AAA $187.62, up $4.19, and AA $184.60, up $1.55. The Calgary wholesale price for delivery this week was $160-$161.
Feeder prices dip
About 25,000 head sold, down two percent from the week before and 16 percent larger than last year.
Light steers 300-500 pounds fell $2-$3.25 while light heifers were down $2.25-$2.50. Grass steers 600-800 lb. fell $2.50-$3.75 and heifers dropped $1-$2.25., Canfax said.
Steers 800-900 lb. and heavier dropped $3-$4.25 and heifers fell $1.75-$2.
Lower fed prices and volatile grain futures contributed to the drop.
D1, 2 cows were steady and D3 cows were down $1.75. Butcher bulls were $1.25 lower, said Canfax
For the week ending June 2, 6,768 head were exported, up 44 percent from the week before.
Bred cows were mostly $850-$1,100, with tops to $1,275 and plain types $550-$800. Bred heifers traded at $900-$1,200, with tops to $1,375 and plain types $500-$850. Cow-calf pairs were $900-$1,250, with tops to $1,400 and plain types $650-$850.
Hog prices soften
Ample supply pressured pork prices lower and that led packers to reduce bids on hogs in the United States.
Iowa-southern Minnesota hogs traded June 8, $53.50 US per cwt., down from $54 June 1.
The U.S. composite pork carcass cut-out value was $72.89 June 8 compared to $74.18 June 1.
Slaughter for the week was estimated at 1.94 million compared to 1.72 million during the Memorial Day week and 1.9 million a year ago.
Bison weaken
