Fed prices weaken
Fed cattle supplies are tight, but that was more than offset by the weak economy, and prices fell.
The Canfax average on steers last week was $92.21 per hundredweight, down $2.76 from the week before and heifers fell $2.73 to $92.10.
Volume of about 18,000 head was up 13 percent from the week before. A few cattle did not sell and were carried over to this week.
Short feed yearlings are hitting the market and have performed well, resulting in some animals weighing more than 1,500 pounds.
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The cash to futures basis weakened to $13.96 under compared to $12.47 under the week before.
Fed exports to the U.S. totalled 8,401 head, down 27 percent from the week before and 48 percent lower than last year.
Canfax said live cattle prices will not see significant improvement until the stock market stabilizes. With packers maintaining minimal inventories and retail demand off, prices this week could drop below $90.
D1, 2 cows in Alberta were $29.70-$42 per cwt. with an average of $35.95, down $3.26 from the week before, Canfax said.
Butcher bulls were $39-$64 with an average of $50.50.
Exports of slaughter cows and bulls totalled 5,376.
Slaughter cow prices should firm and volumes will be strong. Butcher bull trade will probably be steady to slightly softer this week.
Beef prices fall
U.S. Choice cutouts plunged $6.61 to $145.78 US and Select fell $4.89 to $137.14, said Canfax.
Choice cutouts are $1.85 lower than last year and Select cuts are $5.99 higher.
The Calgary wholesale market for delivery this week dropped $2 to $160-$162 Cdn. Montreal was steady at $169.
Packers report boxed beef movement as lifeless, Canfax said. Byproduct values softened to $85-$128 as leather demand dropped because of the weak economy.
Feeders fall
Alberta auction volume rose one percent to 71,225 head, Canfax said. That was 21 percent more than a year ago.
Prices fell. Hide colour appears to be influencing interest and tans, reds and blacks seem to be topping the market, said Canfax.
Quality is a key factor. Anything that is plain, horned or fleshy is discounted.
Yearling steers 800-900 lb. and heavier were 32 cents-$1.61 per cwt. lower.
Yearling heifers 800-900 lb. and heavier were 86-88 cents lower. Steers 300-400 lb. were $2.38 lower, while 300-400 lb. heifers traded steady.
Overall, steers averaged $1.15 per cwt. lower and heifers were 15 cents lower.
Exports of Canadian feeder cattle to the U.S. totalled 6,314 head two weeks ago, down from 7,050 the previous week and 21,769 last year.
Volume continues strong but is expected to decline as Christmas approaches, leading to spotty offerings and prices that reflect limited trade.
More bred cattle were offered last week and prices were under pressure, Canfax said.
Buyers are selective. Breeding and age are the biggest buying factors. Bred cows were $635-$1,050. Bred heifers were $700-$1,150 and cow-calf pairs $650-$780.
Hog values rise
U.S. cash hog prices firmed slightly as market-ready numbers tightened but slack pork prices kept a lid on gains.
Carcass weights declined a little, indicating that producers are current in their marketing. But worries about recession cutting into domestic and export demand hung over the market.
Iowa-southern Minnesota cash hogs Dec. 5 firmed to $42 US per cwt., up from $41-$41.50 the week before.
The U.S. pork carcass cut-out value was $61.77 Dec. 5, up from $58.48 Nov. 28.
U.S. federal slaughter to Dec. 6 was estimated at 2.373 million, up from 2.057 million during the holiday-shortened week that ended Nov. 29, but slightly less than the 2.377 million slaughtered the year before.
Bison prices weaken
The Canadian Bison Association said prices dipped on larger supply and worries about the economy.
Grade A carcasses from youthful bulls in the desirable weight range in Canada were mostly $2.30-$2.70, with an estimated average of $2.45 per lb. hot hanging weight. Heifers were $2.20-$2.60 per lb. with an average of $2.30.
Cull cow and bull averages rose to $1.05 per lb., with sales to $1.30.
Weight, quality and delivery location affect final price.
The U.S. Department of Agriculture October bison report said young bulls were $200-$245 US with a weighted average of $239.99. Young heifers were $225-$250 with a weighted average of $230.17.
Feeder and slaughter bison imports from Canada totalled 2,866 head in September.
Lamb prices rise
Beaver Hill Auction in Tofield, Alta., reported 1,446 sheep and lambs and 392 goats traded Dec. 1.
Lambs and sheep were steady to higher. Bred ewes due in January and February were $125-$145 per head. Good kid goats were down $40 per cwt.
Lambs lighter than 70 lb. were $90-$141 per cwt. Lambs 75 to 85 lb. were $110-$132, 86 to 105 lb. were $105-$120, and those heavier than 105 lb. were $95-$116.
Rams were $38-$58 per cwt. Cull ewes were $25-$58 and bred ewes were $57-$86 per cwt.
Good kid goats were $110-$165. Nannies were $40-$90 per cwt. and mature billies were $50-$80.
Ontario Stockyards reported 2,667 sheep and lambs and 506 goats traded Dec. 1. Well finished light lambs sold at strong prices, with heavy lambs selling $7-$10 per cwt. higher. Sheep held steady. Goats traded $10-$15 per head higher.
