Cattle market softens
After several weeks of rising prices, the feeder cattle market appears to be softening.
Canfax says feedlot inventory is becoming adequate. Although top quality cattle still fetched good prices at the end of last week, more were priced at the lower end of the range.
Volume was up 29 percent over last week and up 13 percent over the same week a year ago. The outlook this week was for prices to be steady to $1 per hundredweight lower.
Fed cattle average prices increased $1 per cwt. last week. Local packers continue to be the main source of business. Last year at this time, U.S. markets paid $11 per cwt. more than Canadian, but that has narrowed to $4 per cwt. now.
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Canfax says U.S. cash prices might be pressured down this month because of the large supply of cattle.
Hog market uproar
Pandemonium in Prairie hog markets is covered elsewhere in the paper. U.S. packers paid up to $55 per cwt. U.S. live early last week, but as better weather returned prices declined to $53-$54.
In the lamb market, prices in central Alberta were steady with the previous week for railgrade and live slaughter lambs. Feeder lambs were up, with bids $1.15-$1.25 per lb. for 50-60 lbs. and $1.10-$1.20 for 60-80 lbs..
In Saskatchewan, lambs over 80 lbs. were $1.21 per lb., under 80 lbs. were $1.25 and new crop lambs were $1.40.
