Fed cattle lower
Cash fed cattle in the United States traded about $6 US per hundredweight lower than the week before.
The lack of confidence caused by the plunging stock market and increasing signs of an economy in recession were behind the drop in cash prices and the fall in Chicago cattle futures.
In Canada, the lower price was partly offset by the weaker loonie.
The Canfax average on steers was $93.64 Cdn per cwt., down $3.03 compared to the previous week while heifers averaged $92.88, down $2.95.
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Sales volume rose 10 percent at 17,000 head.
Some early 90-day fed yearlings hit the market and traded around $1.50 lower than longer-fed cattle, said Canfax.
The cash-to-futures basis weakened to $16.61 under compared to $14.43 under the week before.
Exports to the U.S. were 13 percent lower at 10,065 head. That was down 41 percent from last year.
The depressed attitude of the markets and weak packer returns will make it difficult for fed prices to rise.
D1, 2 cows in Alberta were stronger at $32.41-$48 per cwt. The average was $40.74, up $1.69 from the week before.
Butcher bulls were $36-$63 and averaged $52.54, up $2.41.
Exports of slaughter cows and bulls totalled 5,555 head.
Beef prices mixed
U.S. Choice cutouts rose 42 cents to $157.79 US while Select fell 34 cents to $146.15, said Canfax.
Choice cutouts are $9.81 higher than the same week last year and Select cuts are $11.55 higher.
The Calgary wholesale market for delivery this week fell $2 to $163-$164. Montreal was $175.
Although the past two weeks have seen lackluster demand, buyer interest for ribs and middle cuts is expected to improve heading into the holidays, said Canfax.
Feeders
Even with all the pressure in the futures markets and lower fed prices, feeder trade was steady, Canfax said.
Alberta auction volume rose 13 percent to 70,955 head. That was seven percent more than a year ago.
Steer prices were firm, with a 50 cent premium on 900 pound and heavier yearlings.
Light heifers 300-400 lb. were $2 lower while 400-600 lb. were 50 cents higher. Heifers 600-700 lb. rose $1.50 and 700-900 lb. were 75 cents-$1 lower.
Overall, steers averaged 14 cents per cwt. higher and heifers were 23 cents lower.
Exports of Canadian feeder cattle to the U.S. totalled 7,938 head two weeks ago, down from 8,600 the previous week and 15,623 a year ago.
With rumours of large feedlots almost at their limits and smaller feedlots not feeding this year, there is uncertainty as to what will happen to feeders not yet marketed, Canfax said.
Declining local interest in feeders is offset by continued U.S. buying.
Auction market volumes will likely start to taper off heading into December.
Hog prices steady
Pork sales in the United States are slowing, offsetting what would be support from tighter market-ready supplies.
Russia said it would reduce its import quotas for pork and poultry, reducing what has been a strong market for North American meat.
Iowa-southern Minnesota cash hogs Nov. 21 were $37-$38 US per cwt., steady with the week before.
The U.S. pork carcass cut-out value was mostly steady last week, closing at $56.49 Nov. 21, up slightly from $56.41 Nov. 14.
U.S. federal slaughter to Nov. 22 was estimated at 2.37 million, up from 2.31 million the week before and 2.02 million the year before.
Bison steady
The Canadian Bison Association said grade A carcasses from youthful bulls in the desirable weight range in Canada were mostly $2.30-$2.75, with an estimated average of $2.50 per lb. hot hanging weight. Heifers were $2.25-$2.65 per lb. with an average of $2.40.
Cull cow and bull averages rose to $1.05 per lb., with sales to $1.40.
Weight, quality and delivery location affect final price.
Sheep, lambs stronger
Beaver Hill Auction in Tofield, Alta., reported 626 sheep and lambs and 53 goats traded Nov. 24.
Prices were steady to stronger on a light offering as producers held off marketing, hoping for stronger prices in the run-up to Christmas and the Muslim holiday of Quarboni.
Lambs lighter than 70 lb. were $95-$131 per cwt. Lambs 70 to 85 lb. were $95-$128, 86 to 105 lb. were $95-$129 and those heavier than 105 lb. were $108-$112.
Rams were $35-$77 per cwt. Ewes were $27-$56 per cwt.
Good kid goats were $139-$172. Nannies were $50-$87 per cwt. and mature billies were $80-$155.
Ontario Stockyards reported 1,756 sheep and lambs and 77 goats traded Nov. 24. Lambs and goats were steady. Good sheep were $3-$5 per cwt. higher.
