Fed cattle weaken
Fed cattle sales were slow to develop last week and for the second week in a row, prices were pressured $1.25 to $1.50 per hundredweight lower than the previous week, said Canfax.
Light competition from packers saw little fluctuation in bids throughout the week.
Steers last week averaged $94.95 per cwt., down $1.43. Heifers averaged $94.23, down $1.33.
Sales volumes dropped 11 percent from the previous week at about 19,000 head. Very light carryover was expected to roll over into this week.
The cash to futures basis weakened to $11.39 compared to $9.73 last week, Canfax reported.
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Exports to the U.S. totalled 9,419 head, down two percent from the week before and 48 percent lower than last year.
A reduction in the number of market ready cattle being offered could happen as early as this week, said Canfax. But the retracting supply is expected to have little impact on current prices.
Lower season demand has cooled packer interest and it will take another week or two to pull the slack out of the beef market chain.
D1, 2 cows in Alberta had a big fall last week with prices $7.23 per cwt. lower than the previous week, averaging $44.80.
Slaughter cow and bull exports totalled 4,041 head. Butcher bulls ranged from $40 to $79 and averaged $62.97, down 62 cents from the week before.
Demand for cows has come under pressure as is typical this time of year and lighter demand from processors has contributed to lower prices.
Beef demand falters
The beef cutout trade last week reflected the seasonal decrease in demand.
U.S. Choice cutouts closed at $160.99 per cwt., down 53 cents from the week before. Select fell $2.54 to $153.94. Middle cut prices were feeling pressure last week.
Calgary wholesale prices for this week are up $2 to $161.
Price, volume fall
Alberta Auction Market volume fell five percent last week to 59,775 head, but remained up from last year’s levels of 37,520 head.
The steer average price fell $1.40 per cwt. and heifers fell $1.80.
Alberta steers and heifers heavier than 700 pounds fell $$2.06 and $2.05 respectively.Steers lighter than 700 lb. dropped 91 cents while heifers in the same range fell $1.62.
Exports of Canadian feeder cattle to various U.S. destinations was 9,045 head last week, up from 4,230 the previous week.
There have been high volumes of feeder cattle for the past couple of weeks. The outlook is for lighter volumes this week due to the drop in feeder prices last week.
Hog prices fall
Ample hog supplies, lower pork prices and holiday-reduced demand caused hogs to trade $1 to $2 lower on Aug. 29. Demand for hogs this week will be down as most pork plants would have closed on Monday for the Labour Day holiday.
Iowa-southern Minnesota cash hogs fell to $53.50 US per cwt. down from $62.50 Aug. 22.
The U.S. pork carcass cutout value fell to $80.51 Aug. 29, down from $88.86 Aug. 22.
U.S. slaughter for the week ending Aug. 30 was estimated at 2.21 million, down from 2.23 million Aug. 23.
Bison up
The Canadian Bison Association said Grade A carcasses from youthful bulls in the desirable weight range in Canada were $2.25 to $2.35 per lb. hot hanging weight. Heifers were $2.10 to $2.30 per lb. Cull cows and bulls were 90 cents to $1 per lb.
Lambs up
Ontario Stockyards reported 1,648 sheep and lambs and 115 goats traded Aug. 25. All classes of lambs sold $3 to $5 per cwt higher. Sheep and goats sold steady.
Beaver Hill Auction in Tofield, Alta., reported 1,126 sheep and lambs and 553 goats traded Aug. 25.
Lambs under 90 lb. sold down $10 per cwt. with off types and hair types discounted even more. Cull ewes were steady. All goats sold up to $30 per cwt. less with thin and light kids under 50 lb. under extreme pressure.
Lambs lighter than 70 lb. were $95-$125 per cwt. Lambs 70 to 85 lb. were $92-$115; 86 to 105 lb. were $92-$120 and those heavier than 105 lb. were $100-$120.
Rams were $35-$55 per cwt. Cull ewes were $25-$52 per cwt.
Good kid goats were $150-$189 per cwt. Nannies were $45-$106 per cwt. and mature billies were $95-$125.
