Fed cattle prices mixed
Steers averaged $90.10 per hundredweight, down 33 cents from last week, while heifers were $90.70, up 59 cents, Canfax said.
Volume traded rose by five percent to about 22,000 head.
The cash to futures basis narrowed to $2.38 under compared to $3.39 under the week before.
Fed exports fell 27 percent to 7,849 head, compared to the week before.
So far this year, 320,008 head have been exported to the United States, down 11 percent from last year.
Canfax said Canadian packers appear comfortable with their supply and may not be aggressive in their bidding this week.
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Domestic packer interest should improve by mid-June, but American interest might be light because a wave of market-ready American cattle is about to hit the market.
Feeders stronger
The number of feeder cattle marketed rose 10 percent to 29,639, which was similar to the volume last year, Canfax said.
Steers averaged 71 cents per cwt. higher and heifers were $1.14 higher.
Heavier steers saw good demand, with the 700 pound and heavier class up $1.06.
Heifers heavier than 700 lb. were steady with the week before.
Steers lighter than 700 lb. rose 45 cents and heifers in the same weight class were $1.48 higher.
Feeder exports totalled 10,834, down from 13,949 the week before, but about double the pace last year.
U.S. demand should remain steady through mid-July, after which country of origin labelling will become an issue, Canfax said.
Bred cows rose $33 to average $737.50 .
Cow-calf pairs averaged $863 for the week.
Beef price drops
The Choice cutout slid 55 cents to close May 29 at $155.91 US. Select slid 22 cents to close at $152.76, Canfax said.
Retailers look to have comfortable supplies because some product was carried over from the May long weekend. A backup of loins needs a couple of sunny weekends to be cleared.
The Calgary wholesale for delivery this week is steady at $152-$155 Cdn. The Montreal wholesale was also steady at $160-$161.
Hog prices fall
U.S. cash hogs fell because processors had ample supply for their needs. However, traders thought that because packers were enjoying good margins they might bid up prices late this week.
The strong Canadian dollar hurt prices in Canada.
Iowa-southern Minnesota cash hogs fell to $55 US per cwt. May 30, down from $58 to $59 May 23.
The U.S. composite pork carcass cut-out value fell to $79.74 May 30 from $80.19 May 23.
U.S. slaughter for the short week ending May 30 was estimated at 1.83 million, down from 2.09 million the week before, but 6.2 percent more than last year.
Bison steady
The Canadian Bison Association said markets were steady.
Grade A carcasses from youthful bulls in the desirable weight range in Canada were $2.05 Cdn to $2.20 per lb.
Heifers were $1.95 to $2.10 per lb.
Cull cows and bulls were 90 cents to $1 per lb. hot hanging carcass.
Sheep stronger
Ontario Stockyards reported 1,589 sheep and lambs and 121 goats traded May 26. Sheep and light lambs traded higher. Heavy lambs and goats were steady.
