Fed prices forced higher
Weak fed cattle prices early last week attracted few offerings, said Canfax.
Packers were forced to bid higher and by midweek prices were near $80 per hundredweight. The weekly price average was $1 higher on steers and $2 higher on heifers. Volume through Canfax reporting venues fell 11 percent to 22,500 head.
There was interest in the set-aside program with the average daily feed cost accepted at $1.28 and the Alberta guaranteed basis widening to minus $22.
Alberta prices March 17 were steers $78.60-$81 per cwt., flat rail $136-$138 and heifers $79.60-$81, flat rail $136-$137.65.
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Federally inspected slaughter two weeks ago reached 78,600, the largest this year. The kill for the Good Friday holiday week won’t be as large but some may work Saturday.
Canadian cut-out values two weeks ago rose $1.65 on AAA and $2.40 on AA with most of the strength coming from the rib primal and tenderloin.
Given recent larger kills, there is plenty of product available, said Canfax. Most retailers are waiting until after Easter to book more beef.
U.S. cutouts rose $2.60 US on Choice and $1.50 on Select reflecting tight American supplies and no imports from Canada.
The carcass market in Calgary in light trade is $140-$141 Cdn for this week’s delivery, down $3-$4 from the previous week.
Feeder prices lower
Feeder cattle volumes through Alberta auction markets rose 11 percent to about 17,000 head, Canfax said.
Steers 400-700 lb. traded $2-$3 lower than the week before and 700-800 lb. fell $4.25. Steers 800-900 lb. were steady to 50 cents lower, while 900 lb and heavier steers fell $3.50.
Heifers 400-700 lb. fell $3.50-$4.25, while 700-900 lb. and heavier dropped $1.50-$3. D1, 2 cows held steady and butcher bulls were $1 lower.
Fed market strength late last week might trickle into the feeder market.
Stock bred cows in central and northern Alberta were $450-$825 with bred heifers bringing between $550-$825. Cow-calf pairs on limited trade in northern Alberta brought between $700-$975.
Hog prices weaken
The average Iowa-Minnesota daily direct hog price (51-52 percent lean carcass converted to live weight) was $51.52 US per cwt. on March 17, down about $5 from the week before.
The wholesale cutout was similar to the previous week’s at $69.99 per cwt., said Manitoba Agriculture.
For the week ending March 11, Manitoba five-kilogram pigs received top bids of $72 Cdn per pig while contract prices reached $45.85 per pig.
Spot prices for 23-kg pigs were to a high of $105 per pig and tops for contracts were $99.54. The U.S. national direct delivered price for five-kg pigs (converted to Canadian dollars) was $37.40-$76.01 per pig and 23-kg pigs were $96.52-$106.17.
Ron Plain of the University of Missouri reported that U.S. sow slaughter for the four weeks ending March 5 is down 8.4 percent from a year earlier after adjusting for herd size. Sow slaughter for the year through March 5 is down 3.8 percent.
Gilt slaughter as a percentage of barrow and gilt slaughter is down about one percent for the year through March 5.
New lambs rise
Ontario Stockyards reported 3,786 sheep and lambs and 1,073 goats traded. New-crop lambs under 65 lb. fetched a premium, while all others were steady. Sheep sold barely steady. Goats saw spotty demand.
