Fed prices dip
Fed cattle price averages fell 75 to 90 cents last week, led lower by the effect of the stronger Canadian dollar and because packers had the supply they need, Canfax said.
Steers averaged $90.43 per hundredweight, down $1.08 from the week before and heifers fell 69 cents to $90.11.
About 21,000 head sold, the same as the previous week.
The cash to futures basis narrowed to $3.39 under compared to $2.95 under the week before.
Fed exports rose five percent to 10,762 head. That was 38 percent higher than the same week last year.
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Alberta steer carcass weights have dropped to the lowest level in five years and it is likely they will go lower over the next two weeks, Canfax said.
If the dollar remains strong it could pressure prices this week, but increased demand into June should see bids improve.
Feedlots are current in their marketing and cattle are being pulled forward.
Show list volumes are expected to be relatively small until mid June.
Beef steady
The Calgary wholesale price for delivery this week was steady at $153-$155. The Montreal wholesale was steady at $160-$161.
U.S. Choice cutouts fell 37 cents to close May 22 at $156.46 US. Select was up 82 cents to close at $152.98.
Cattle Buyers Weekly noted that high gas prices were expected to keep more Americans home and buying meat for backyard grilling on the Memorial Day weekend.
Analysts think retailers have been building stocks and are well covered with record amounts of beef, pork and poultry.
Feeder steers rise
The number of feeder cattle sold dropped to 26,924, down 32 percent from the week before but similar to the number sold last year at the same time, Canfax said.
Good demand helped push steer price averages $1 per cwt. higher. Heifers averaged 34 cents lower.
Steers weighing more than 700 pounds rose $1.10 Cdn from the week before. Heifers heavier than 700 lb. were flat.
Steers lighter than 700 lb. were 92 cents higher, while heifers in the same range were 59 cents lower.
Feeder exports to the U.S. totalled 13,949, down from 14,618 the week before, but about double the pace of last year at the same time.
Feeder cattle volumes are expected to be steady to higher this week with good U.S. demand contributing to stronger prices. U.S. demand should remain fairly constant through mid July, said Canfax.
Bred cows averaged $704 in light volume. That was $41 more than the week before but $48 lower than the same period a year ago.
Cow-calf pairs averaged $863, $115 less than the same period last year.
Hog prices edge lower
U.S. cash hogs fell last week because retailers had the supply they needed for Memorial Day.
Packers reduced slaughter to try to pressure pork prices higher.
U.S. pork stocks at the end of April were down slightly from the record at the end of March.
The stronger Canadian dollar hurt prices north of the border.
Iowa-southern Minnesota cash hogs fell to $58-$59 US per cwt., down from $60.50-$61 May 16.
The U.S. composite pork carcass cut-out value fell to $80.19 May 23, from $81.89 May 16.
U.S. slaughter for the week ending May 24 was estimated at 2.09 million, up from 2.07 million the week before, 5.3 percent more than last year. Year to date, U.S. hog slaughter is up 9.9 percent from last year.
Bison steady
The Canadian Bison Association said supplies of slaughter bulls and heifers rose seasonally.
Grade A carcasses from youthful bulls in the desirable weight range in Canada were $2.05-$2.20 per lb.
Heifers were to $1.95-$2.10 per lb.
Cull cows and bulls were 90 cents to $1 per lb. hot hanging carcass.
Lamb demand strong
Beaver Hill Auction in Tofield, Alta., reported 800 sheep and lambs and 65 goats traded May 12.
Demand was strong for lambs and goats. Cull ewes and rams were barely steady.
Lambs lighter than 70 lb. were $150-$183 per cwt.
Lambs 70 to 85 lb. were $142-$167, 86 to 105 lb. were $139-$161 and those heavier than 105 lb. were $112-$146.
Rams were $40-$54 per cwt. Cull ewes were $30-$44 per cwt. and bred ewes were $90-$120 per head. Ewes with lambs were $100-$200 per family.
Good kid goats were $160-$215. Billy kids 70 to 90 lb. were $200 or more. Nannies were $61-$77.50 per cwt. and mature billies were $131.50-$143.
Ontario Stockyards reported 1,201 sheep and lambs and 55 goats traded May 20. Light lambs traded barely steady to $5 cwt. lower. All other lambs, sheep and goats were steady.
