Fed cattle prices climb
Fed cattle prices rose last week thanks to the weaker loonie, smaller offerings and good packer demand, said Canfax.
Alberta prices Nov. 22 were $80-$82 per hundredweight live and $136-$137 on the rail.
The weekly average price for steers jumped to $81.22, an increase of $4.83 over the week before, while heifers increased $3.69 to $80.24.
Volumes dropped to about 15,000 head. The showlist was significantly lower as well.
Exports to the U.S. were large, totalling 24,341 head.
Even with strong prices in Canada, the cross-border cash to cash basis was $13.10 under. Because of the wide basis, weekly exports are expected to remain around 20,000 head a week for the rest of the year, said Canfax.
Read Also
Saskatchewan, Manitoba sign Arctic Gateway deal
Saskatchewan, Manitoba and Arctic Gateway Group have signed an MOU to strengthen trade through the Port of Churchill.
With stable fed cattle offerings, the higher trending U.S. market should help boost Canadian fed prices.
Feeder values rise
Feeder sales volume was steady and keen buyer interest drove prices $3-$5 higher, said Canfax.
Sales totalled 54,620 head, down six percent from the week before and 17 percent from last year.
Light steers 300-400 pounds jumped $5 per cwt. while 600-700 lb. mid-range steers rose $6, averaging $95.63. Steers 900 lb. and heavier rose $1.50.
Light heifers 300-500 lb. rose $5 and 600-800 lb. heifers climbed $3-$3.50 over the week before.
Heifers 900 lb. and heavier climbed $5.74 to average $81.21.
Feeder exports to the U.S. were steady with the previous week, totalling 15,623 head, said Canfax.
D1, 2 slaughter cows were steady to down 62 cents per cwt. while butcher bulls gained 11 cents.
Possible tighter feeder cattle supplies may translate into slightly higher prices, depending on the exchange rate, said Canfax.
Slaughter bull prices were nine percent higher than the same week last year. The slaughter cow and butcher bull prices should be steady.
As bred cow volumes increase, expect quality cows to be barely steady while pressure will increase on medium and older bred cows.
Many bred cows are expected to come to market in the next two weeks but it remains to be seen how many will be delivered, said Canfax.
U.S. cut-out values rose as better seasonal demand and holiday-shortened production schedules supported the beef market, said Canfax.
The Choice cutout was $3.96 higher at $147.98 while the Select cutout was $1.65 higher at $134.60.
The Choice-Select spread widened to $13.38 from $11.07 last week.
Cut-out values are expected to be supported by post-Thanksgiving holiday beef buying as retailers look to restock meat counters, said Canfax.
The Canadian market is expected to be supported by higher U.S. cutouts and a lower Canadian dollar.
The Calgary market for delivery this week is expected to be $4 higher at $135 to $136.
Hog price rises
Strong packer profits kept the U.S. slaughter pace high, supporting hog prices.
Daily slaughter rates were at record highs before plants closed for U.S. Thanksgiving. Analysts expected a strong Saturday slaughter and one U.S. plant was going to operate on Sunday.
Rumours that China might soon be in the market for more pork also supported prices.
In Canada, the weaker loonie helped prices.
Iowa-southern Minnesota cash hogs traded at $37-$37.50 US per cwt. Nov. 23, up from $35.50 US Nov. 16.
The U.S. composite pork carcass cut-out value closed at $59.10 Nov. 23, up from $58.05 Nov. 16.
U.S. slaughter for the week was estimated at 2.02 million, compared to 2.36 million the week before and 1.97 million a year ago.
Bison
There was no Canadian Bison Association report last week.
Sheep prices rise
Beaver Hill Auction in Tofield, Alta., reported 1,421 lambs and 124 goats traded Nov. 19.
Sheep prices were higher with good demand for light animals but poor demand for overweights.
Cull ewes and rams were off $5-$10. Breeding stock saw good demand.
Lambs lighter than 70 lb. were $120-$141 per cwt. Lambs 70 to 85 lb. were $115-$129, 86 to 105 lb. were $108-$120.75 and 106 lb. and heavier were $93-$112.75.
Rams were $45-$70 per cwt. Cull ewes were $45-$60 per cwt.
Good kid goats heavier than 50 lb. were $150-$176 per cwt.
Nannies were $41.50-$64 per cwt. and mature billies were $120-$168.
Ontario Stockyards reported 1,563 sheep and lambs and 174 goats traded last week. Light finished lambs sold at a premium; all others sold steady.
Sheep and goats were firm.
