Fed cattle rise
Steer and heifer average prices were $1-$1.25 per hundredweight higher than last week with most of the trade established on July 11, Canfax said.
The higher Canadian dollar, coupled with higher U.S. and Canadian prices, saw the basis narrow, but that didn’t stop U.S. buyer interest.
Sales totalled 25,422 head, up 46 percent from the week before.
Alberta prices July 12 in light trade saw steers at $141-$142.35 per cwt. flat rail and heifers $141 flat rail.
Exports for the week ending July 7 were 6,303 head, down 36 percent from last year.
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Canfax said that with a stronger U.S. market again this week feedlots will likely want to price show lists higher next week and offerings should be steady to slightly smaller.
Beef edges higher
U.S. cut-out prices rose with Choice up $3.34 US at $143.19 and Select up $3.58 at $136.98. The Choice-Select spread narrowed to $6.21.
Chuck and round cuts rose as consumers demanded more economically priced end meats.
Canadian business was sluggish with prices starting to recover in the middle meats. The Calgary wholesale price for delivery this week was $153-$154 Cdn, up $1-$2 from the week before.
Light feeders stronger
Feeder cattle trade was mixed, with heavy feeders under pressure but light steers and heifers rising.
Steer calves 300-600 pounds were up 50 cents-$4 per cwt. and heifers 300-600 lb. rose 25 cents-$2.
Steers 600-800 lb. were steady to $4 higher and heifers 600-800 lb. were 25-50 cents lower. Steers 800-900 lb. and heavier were $2 lower and heifers 800-900 lb. and heavier were $1-$1.75 lower.
Alberta auction market volumes at 10,848 head were up 17 percent from the week before and 28 percent smaller than last year, Canfax said.
Butcher cows were steady to 75 cents lower and butcher bulls were $1 lower.
Feeder cattle exports for the week ending July 7 fell to 1,421 head, down 69 percent from the week before.
Canfax said feeder cattle prices may improve with the higher fed market, but prices may still be determined by the quality and quantity heading to auction. The higher Canadian dollar may also see feeder exports dwindle to nothing.
In light stock cow trade bred cows and heifers were steady at $550-$825. Cow-calf pairs were lower at $900-$1,300, with tops to $1,500 and plain types $700-$850.
Canfax’s Alberta-Saskatchewan cattle-on-feed survey showed about 886,500 on feed July 1, up one percent from the same time last year.
Placements in June totalled 126,521, down four percent, partly a result of increased exports of feeders to the United States. June marketings were 171,923, up eight percent. Other disappearance totalled almost 19,000, down seven percent.
Hog prices lower
U.S. packers easily filled their needs and hog prices drifted lower.
Packers have suffered poor margins, but with stronger pork prices, that trend might improve.
Hog futures rose on news that China might import large quantities of pork.
Iowa-southern Minnesota hogs traded at about $50.50 US per cwt. July 16, down from $52.50 July 6.
The U.S. composite pork carcass cut-out value was $73.46 July 13, slightly higher from $72.23 July 6.
U.S. slaughter for the week was estimated at 1.945 million, compared to 1.645 million the week before and 1.943 million a year ago.
