Fed prices rise
Fed cattle prices rose strongly last week with averages gaining $4 per hundredweight as active trade developed on the heels of strong closing prices the previous week.
Prices topped $90 per cwt., said Canfax.
Feedlots were willing sellers at the higher prices and the volume was more than 24,000 head, up 23 percent from the week before.
Packers extended their live inventory and are now generally bought into the first part of March.
Alberta prices Feb. 17 were steers $91.25-$92.95, flat rail $153.25-$155 and heifers were $91-$92.05, flat rail $151-$153.25.
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Canfax expected prices would be steady this week.
Cutouts in Canada were higher two weeks ago, prompting a large slaughter of 78,000, but the kill was expected to drop to 66,000 last week and the February holiday in Alberta reduced volume this week.
The Calgary wholesale market had to catch up to the cash cattle market and rose $10 from the week before to $156-$158 per cwt. for this week’s delivery.
U.S. cutouts last week were $5-$5.50 US lower, reflecting sluggish demand. Cutouts were four percent lower than the week before but 12-15 percent higher than a year ago.
Feeders strong
Feeder cattle prices rose across the board with light cattle gaining the most.
About 55,000 head traded, well up over the 30,000-40,000 that normally trade in February and March, said Canfax.
Calves under 600 lb. were $4-$6 Cdn per cwt. higher while cattle heavier than 600 lb. were $2-$4 higher.
D1, 2 cows were $1.75 higher at $26.10 while D3s were up slightly at $19. Butcher bulls were nearly $2 higher at $25.
In the short run, feeder prices are expected to hold firm. But feeder numbers are expected to get larger over the coming weeks and this could push prices lower as Canadian and U.S. prices come together quickly.
In stock bred cow trade, most trade was at $600-$800 with tops to $1,350 and lows at $350.
Bred heifers were mostly $800-$950 with tops to $1,200 and lows at $400. Cow-calf pairs were $880-$1,040.
The U.S. Department of Agriculture Feb. 1 cattle on feed report showed fewer cattle in feedlots than expected. The report was expected to push prices higher.
Hog prices fall
Hog prices in Canada and the United States declined.
U.S. hog slaughter last week reached a record high for that time of year with more than two million killed for the second week in a row.
Because of the large supply and strong competition from other meats, retail pork prices declined. The cutout declined to the lowest level since March 2004.
The Canadian market was slow. Export demand is light.
Manitoba Agriculture reported the five kilogram isowean spot pig price for the week ending Feb. 11 was $56-$75.06 and the contract price range was $39.13-$52.54.
The 23 kg weanling pig spot price range was $82-$113.84 and the contracted range was $60.07-$91.32.
Canadian hog slaughter for the week ending Feb. 11 was 455,484 compared to 439,156 at the same time last year.
Lamb prices down
Ontario Stockyards reported 1,817 sheep and lambs and 139 goats traded. New-crop lambs sold $5-$8 lower, while all other lambs, sheep and goats were steady.
