Loonie staggers fed cattle
The soaring Canadian dollar kept the fed cattle market under pressure last week, said Canfax.
Steers were $82 to $83 per hundredweight live and $133.25 to $138.30 on the rail with the weekly average price coming in at $82.51.
That was $1.81 lower than the week before.
Heifers were $80 to $84.55 per cwt. live for a weekly average of $82.47, down $2.28.
Trade totalled about 21,000 head, up from 18,000 the week before.
Many producers sold only part of their showlists so inventories were carried over into this week.
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The cross border cash-to-cash basis widened to $13.32 under from $11.72 under the week before. Fed cattle exports totalled 19,805 head.
Offerings are expected to remain large due to the reduced marketings recently.
Beef weakens
U.S. cut-out values were lower as packers were forced to price beef lower to move inventory.
The Choice cutout was down $1.09 to $144.96 US while the Select was down $2.83 to $136.49. This widened the Choice-Select spread to $8.47 compared to $6.73 the week before.
Slaughter levels were decent but a couple of packers said they would reduce kills to lower production.
Canadian packers appear to be in the same situation because beef movement is about steady at the lower prices and some Saturday kills are being cancelled. The Calgary wholesale market was expected to be down $1-$2 this week at $147-$148 Cdn.
Pressure on feeder prices
Feeder cattle prices were under pressure, but that didn’t seem to stop producers from heading to auction.
Even with a par dollar, the feeder cattle basis is wide and that may encourage U.S. buyer interest.
Alberta auction market volume at 53,014 head rose 17 percent from the week before and was 26 percent larger than last year.
Prices were softer in all weight groups with light steers and heifers 300-600 pounds steady to $4.50 lower.
Steers and heifers 600-800 lb. were down $3.25-$5.25 and steers and heifers 800-900 lb. and heavier were $3.25-$4.75 lower.
Feeder exports for the week ending Sept. 15 were 13,887 head.
Butcher cow prices seemed to firm at the end of the week with prices trading steady to 25 cents higher. Butcher bulls were 25 cents lower.
Limited trade in cow-calf pairs saw prices at $550-$885.
Hogs steady
An ample supply of hogs threatened to push hog prices lower, but packers kept up an active slaughter pace.
With market ready supply expected to climb and carcass weights increasing, expectations were for weaker prices this week.
Iowa-southern Minnesota hogs traded at $47.50 US per cwt. on Sept. 21, steady with the previous week.
The U.S. composite pork carcass cut-out value fell all week, closing at $65.07 Sept. 21, down from $67.98 Sept. 14.
U.S. slaughter for the week was estimated at 2.24 million, compared to 2.23 million the week before.
Ron Plain of the University of Missouri noted in his weekly report that for January-July, U.S. pork exports were down 2.8 percent from the same period last year, but the dollar value of the exports was up five percent.
For the period, pork exports rose 7.8 percent to Japan, 2.9 percent to Canada, 79 percent to China and Hong Kong.
Mexico was down 30.5 percent, Russia down 17.8 percent and South Korea down two percent.
Mexican producers are reducing herd size, temporarily increasing the amount of pork available.
Bison report
Bison prices were steady, said the Canadian Bison Association.
Grade A carcasses from bison bulls younger than 30 months in the desirable weight range in Canada were $1.60 to 1.90 per lb. Sales to the U.S. saw prices to $1.85 to $1.95.
Heifers were $1.40-$1.75 in Canada and $1.80 on sales to the U.S.
Rail prices for top quality, youthful, older-than 30-month bulls and heifers averaged $145, with sales to $160.
Cull cows and bulls ranged from 45 to 60 cents per lb. hot hanging carcass.
Lamb prices weaken
Beaver Hill Auction in Tofield, Alta., reported 1,115 sheep and 150 goats traded Sept. 17. Light lambs were down as much as $30 per cwt. Finished lambs were steady to slightly stronger. Culls were down $10 per cwt. Goats were steady.
Lambs lighter than 70 lb. were $100-$129 per cwt.
Lambs 70 to 85 lb. were $132-$144, 86 to 105 lb. were $129-$138.50 and 106 lb. and heavier were $120-$123.
Rams were $45-$76 per cwt. and cull ewes $48-$67 per cwt.
Good kid goats were $170-$201 per cwt. Goats lighter than 50 lb. were $100-$120 per cwt.
Nannies were $51-$94 per cwt. and mature billies were $127.50-$182.
