Cattle prices weaken
Cattle markets were not immune from the market turmoil caused by the U.S. credit crunch.
Prices in Canada fell despite a tight supply-demand situation.
The Chicago cattle futures markets were sharply lower but the falling Canadian dollar helped limit the damage north of the border.
Alberta steers averaged $91.76 per hundredweight last week, down 80 cents, while heifers averaged $91.06, down 92 cents, said Canfax.
Sale volume was slightly less than 17,500 head, down 10 percent.
The cash-to-futures basis continued to strengthen to $11.42 under compared to $11.65 under last
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week.
Exports increased 11 percent to 13,012 head from the week before, but that was down 36 percent from last year.
Canfax said cattle markets might improve if the wider market stabilizes, but battered consumers are unlikely to start spending heavily on meat.
A low Canadian dollar and tight supply here may buffer the Canadian market slightly from the U.S. crisis. Packer interest is improving.
D1, 2 cows in Alberta were $40 to $56.75 per cwt. with an average of $48.28 for the week, down $2.31 from the previous week.
Exports of slaughter cows and bulls totalled 2,835 head, down 27 percent from the week before.
Butcher bulls were $42.50 to $71.25. averaging $58.41, down 18 cents, said Canfax.
Non-fed domestic slaughter should remain steady but non-fed exports could slow because of the American government’s new country-of-origin labelling law.
Weaker beef prices
Beef demand in the U.S. food service sector is falling, said Canfax.
Weekly truckload counts are struggling to meet 2007 levels with negative effects on cutouts.
U.S. Choice fell $4.31 to $153.69 US. Select fell $3.57 to $147.10.
The Calgary wholesale for delivery this week was $158-$159 Cdn.
Feeders down
Steer averages fell $1.74 per cwt. and heifers were down $1.51.
Alberta steers heavier than 700 pounds fell $3.23 and heifers were $1.45 lower, said Canfax.
Steers lighter than 700 lb. were 62 cents lower and heifers were down $1.55.
Alberta auction market volumes rose seven percent to 50,416 head. That was eight percent higher than the same week a year ago.
Feeder exports totalled 7,576 head, down from 9,269 the week before and 17,938 last year.
Canfax said the market and the economy are uncertain.
Barley prices have declined, reducing the cost of gain.
Bred cows were $550 to $700 and cow-calf pairs were $500 to $925.
Hog prices rise
U.S. packers had ample hog supply and pork prices dipped, causing hog prices to fall.
Iowa-southern Minnesota cash hogs Oct. 3 were $53.50 US per cwt., down from $55 Sept. 26.
The U.S. pork carcass cut-out value fell to $72.87 Oct. 3, down from $74.23 Sept. 26.
U.S. slaughter for the week ending Oct. 4 was estimated at 2.32 million, down from 2.36 million Sept. 27.
Bison steady
The Canadian Bison Association said grade A carcasses from youthful bulls in the desirable weight range in Canada were mostly $2.15 to $2.40 Cdn, with sales to $2.50 per lb. hot hanging weight.
Heifers were $2.10 to $2.30 per lb. with sales to $2.40. Cull cows and bulls averaged $1 per lb.
Weight, quality and delivery location affect final price.
Lambs stronger
Beaver Hill Auction in Tofield, Alta., reported 939 sheep and lambs and 99 goats traded Sept. 29.
Good feeder lambs gained $10 per cwt. Most breeding stock is going for slaughter. Dispersal sales are common.
Lambs lighter than 70 lb. were $111-$139 per cwt. Lambs 70 to 85 lb. were $113-$131, 86 to 105 lb. were $105-$122 and those heavier than 105 lb. were $105-$120.
Rams were $35-$45 per cwt. Cull ewes were $30-$54.50 per cwt.
Good kid goats heavier than 50 lb. were $150-$195.50. Nannies were $53-$132.50 per cwt. and mature billies were $110-$142.50.
Ontario Stockyards reported 1,663 sheep and lambs and 101 goats traded Oct. 3. Lambs and goats were steady. Sheep prices fell.
