Cattle prices steady
Fed cattle prices began last week under pressure but strengthened later. Averages were $1.25 per hundredweight lower on steers and heifers.
There were few cattle on offer and the volume in Alberta for the week was down 42 percent from the week before, said Canfax.
The strong Canadian dollar resulted in most of the business going to Canadian packers.
Alberta prices Feb. 20 saw steers bringing $113.25-$113.50 per cwt., flat rail $186.25-$191.30 and heifers $112-$114.25, flat rail $187.25.
Calgary wholesale beef prices this week are steady to $2 lower at $188-$192 per cwt.
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Canfax said packers seem content with their inventory but are aware of the small number of market-ready cattle.
Most plants are working short shifts, however the small number of fed cattle going to market should help prices hold steady.
Feeder prices were under pressure on all classes. Heavier steers over 700 lb. were $3-$3.25 per cwt. lower while lighter steers were down by 25 cents-$1.50. Heifer trade was also lower on all classes with prices mostly $2-$3 lower, Canfax said.
The higher Canadian dollar also affected the feeder market with most sales going to Canadian buyers.
Volume for the week was down 34 percent from the previous week with just over 31,000 head sold.
The slaughter cow average was 50 cents per cwt. lower. Toward the end of the week, grain-fed cows seemed to be under pressure at most markets.
Most grain-fed cows sold in the high $50s or low $60s.
Canfax said the lighter volume of trade should help to hold prices steady.
Recent snowfalls make the lighter calves look good for grass programs. Heavier feeders have seen the most pressure and may hold at those levels, as the live cattle futures have not recovered from recent losses.
The higher Canadian dollar may also make break-even levels in the summer fed market harder to reach.
Cow-calf pairs were $950-$1,350 in light trade. Bred cows sold at $600-$1,425, with most at $950-$1,300. Bred heifers traded at $600-$1,430, with most at $1,000-$1,350.
Good supply of hogs
Higher wholesale prices for pork loins, ribs and bellies at the end of the week raised the U.S. pork cut-out value slightly from the week before.
With good supplies of hogs still available for slaughter, packers were not forced to increase hog prices, said Manitoba Agriculture.
Prices fell to mid-week, but rose slightly on Feb. 20. The Iowa-Minnesota daily direct hog price (plant mean, 51-52 percent, lean carcass converted to live weight) decreased from $37.01 US per cwt. on Feb. 17, to $36.08 on Feb. 19, but rose to $36.12 Feb. 20. On average, the week’s hog price was less than one percent above the previous week’s price.
The impact of the higher-valued Canadian dollar offset the effect of the marginally stronger U.S. hog market in Canada.
The U.S. Department of Agriculture reported a record 513 million pounds of pork in cold storage on Jan. 31.
