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10 The Manitoba Co-operator | July 12, 2012 LIVESTOCK MARKETS Cattle Prices (Friday to Thursday) Winnipeg July 6, 2012 Slaughter Cattle Steers & Heifers 95.00 - 100.00 D1, 2 Cows 70.00 -76.00 D3 Cows 68.00 - 73.00 Bulls 92.00 - 98.00 Feeder Cattle (Price ranges for feeders refer to top-quality animals only) Steers (901+ lbs.) 100.00 - 125.00 (801-900 lbs.) 130.00 - 143.00 (701-800 lbs.) 140.00 - 155.75 (601-700 lbs.) 145.00 - 166.00 (501-600 lbs.) 150.00 - 165.00 (401-500 lbs.) 150.00 - 168.00 Heifers (901+ lbs.) 95.00 - 114.00 (801-900 lbs.) 110.00 - 127.00 (701-800 lbs.) 125.00 - 140.75 (601-700 lbs.) 125.00 - 142.00 (501-600 lbs.) 130.00 - 145.00 (401-500 lbs.) 130.00 - 150.00 Slaughter Cattle ($/cwt) alberta South Ontario Grade A Steers (1,000+ lbs.) $ 108.50 - 111.00 $ 104.50 - 118.74 Grade A Heifers (850+ lbs.) 110.00 104.96 - 120.35 D1, 2 Cows 75.00 - 86.00 61.99 - 81.67 D3 Cows 65.00 - 78.00 61.99 - 81.67 Bulls — 84.83 - 102.05 Steers (901+ lbs.) $ 122.00 - 137.00 $ 128.02 - 141.73 (801-900 lbs.) 128.00 - 148.00 130.59 - 148.95 (701-800 lbs.) 140.00 - 159.00 122.60 - 154.04 (601-700 lbs.) 150.00 - 171.00 142.88 - 171.46 (501-600 lbs.) 162.00 - 186.00 147.32 - 186.80 (401-500 lbs.) 170.00 - 192.00 153.25 - 194.80 Heifers (901+ lbs.) $ 115.00 - 125.00 $ 121.39 - 128.15 (801-900 lbs.) 120.00 - 138.00 128.69 - 140.16 (701-800 lbs.) 128.00 - 143.00 127.38 - 149.81 (601-700 lbs.) 133.00 - 158.00 134.07 - 151.97 (501-600 lbs.) 140.00 - 165.00 126.82 - 162.04 (401-500 lbs.) 150.00 - 175.00 138.01 - 167.85 Futures (July 6, 2012) in U.S. Fed Cattle Close Change Feeder Cattle Close Change August 2012 119.15 -0.17 August 2012 145.95 -4.50 October 2012 123.55 0.25 September 2012 149.37 -4.00 December 2012 127.15 0.70 October 2012 151.50 -3.55 February 2013 129.77 1.12 November 2012 153.02 -3.10 April 2013 132.40 2.28 January 2013 154.40 -2.25 June 2013 129.20 2.20 March 2013 155.15 -2.15 Cattle Slaughter Cattle grades (Canada) Week ending Previous Week ending Previous June 30, 2012 Year June 30, 2012 Year Canada 52,568 49,817 Prime 392 328 East 12,149 12,171 AAA 23,533 17,617 West 40,419 37,646 AA 20,295 21,226 Manitoba N/A N/A A 1,120 1,875 U.S. 653,000 670,000 B 986 842 D 5,339 3,227 E 421 247 Hog Prices (Friday to Thursday) ($/100 kg) Source: Manitoba agriculture MB. ($/hog) Current Week Last Week Last Year (Index 100) MB. (All wts.) (Fri-Thurs.) 199.00E 203.50 183.88 MB. (Index 100) (Fri-Thurs.) 182.00E 186.85 169.42 ON (Index 100) (Mon.-Thurs.) 185.82 190.80 173.97 P.Q. (Index 100) (Mon.-Fri.) 192.50 195.53 181.03 Futures (July 6, 2012) in U.S. hOgS Close Change July 2012 95.82 0.90 August 2012 92.87 1.03 October 2012 82.22 0.25 December 2012 80.65 1.75 February 2013 83.80 2.38 Other Market Prices Sheep and lambs $/cwt Winnipeg toronto Sungold Specialty Meats Ewes 45.00 - 65.00 81.92 - 111.61 30.00 - 40.00 Lambs (110+ lb.) 130.25 - 150.25 (95 - 109 lb.) 120.00 - 130.00 140.40 - 155.33 (80 - 94 lb.) 125.00 - 138.00 147.21 - 163.92 (Under 80 lb.) 128.00 - 142.00 155.79 - 223.00 (New crop) — — Chickens Minimum broiler prices as of May 23, 2010 Under 1.2 kg. ................................. $1.5130 1.2 - 1.65 kg ................................... $1.3230 1.65 - 2.1 kg ................................... $1.3830 2.1 - 2.6 kg ..................................... $1.3230 turkeys Minimum prices as of July 15, 2012 Broiler turkeys (6.2 kg or under, live weight truck load average) Grade A ................................... $2.005 Undergrade ............................. $1.915 hen turkeys (between 6.2 and 8.5 kg liveweight truck load average) Grade A ................................... $1.990 Undergrade ............................. $1.890 light tom/heavy hen turkeys (between 8.5 and 10.8 kg liveweight truck load average) Grade A ................................... $1.990 Undergrade ............................. $1.890 tom turkeys (10.8 and 13.3 kg, live weight truck load average) Grade A .................................... $1.955 Undergrade .............................. $1.870 Prices are quoted f.o.b. farm. eggs Minimum prices to producers for ungraded eggs, f.o.b. egg grading station, set by the Manitoba Egg Producers Marketing Board effective June 12, 2011. New Previous A Extra Large $1.8500 $1.8200 A Large 1.8500 1.8200 A Medium 1.6700 1.6400 A Small 1.2500 1.2200 A Pee Wee 0.3675 0.3675 Nest Run 24 + 1.7490 1.7210 B 0.45 0.45 C 0.15 0.15 goats Winnipeg toronto ($/cwt) ($/cwt) Kids 200.00 - 225.00 99.85 - 264.47 Billys 200.00 - 295.00 — Mature — 123.89 - 243.93 horses Winnipeg toronto ($/cwt) ($/cwt)
The Manitoba Co-operator | July 12 2012 11 column Threats to U.S. soybean crop elevate canola futures However, the price push from weather rallies may not last Phil Franz-Warkentin CNSC Canola futures on the ICE Futures Canada trading platform continued to benefit greatly from the extremely hot and dry weather conditions in the key growing regions of the U.S. soybean belt during the week ended July 6. The threat of reduced soybean yields in the U.S. definitely maintained the weatherbased rally that has pushed ICE canola values to new contract highs. Support in canola also came from steady domestic processor demand as well as speculation that China has either purchased additional quantities of the Canadian commodity or were making serious enquiries. Some weather issues on the Canadian Prairies also were said to have provided support, but the jury on this is still up for debate. There is no doubt that some regions of the key canola-growing areas in Western Canada are experiencing excessive moisture due to recent storm activity. There are also a number of producers calling for precipitation soon in order to prevent yield loss due to dry soil conditions. There were also concerns about hail damage, but to tell you the truth, I can’t ever remember canola production being significantly reduced because of this event. In fact, most industry participants are of the belief that canola is developing well across the Prairies. There was some actual trade in milling wheat contracts during the week, with most of the action occurring between commercials. Values were bolstered by the upward price action seen in the U.S. markets, particularly Minneapolis wheat futures. ICE Canada also raised durum and barley bids, but there was little to no volume. Market participants linked the jump in price to ICE Canada trying to keep values in line with the action in Minneapolis. The lack of precipitation combined with extremely hot temperatures in the U.S. was the main factor that took Chicago (CBOT) corn and soybean futures up. Soybean values touched new four-year highs during the period ended July 6 while corn managed to hit new 10-month highs. Corn in the U.S. is in a critical stage of development, and the absence of precipitation during this heat wave was seen causing a major reduction in yield potential. There were reports out of the U.S. that some corn fields in the driest areas were barely waist-high. New estimates Private analytical firm Informa Economics backed these fears up in new estimates made during the week. Informa estimated corn yields at 153.5 bushels per acre, based on harvested acreage of 88.9 million acres. Informa’s corn yield was 1.4 bushels below its previous forecast, but almost 10 bushels below Informa’s early-season yield forecast. Informa’s current corn yield forecast is 12.5 bushels below the 166 assumed by the U.S. Department of Agriculture in its June supply and demand report. U.S. farmers were expected to harvest 13.641 billion bushels of corn in 2012, the firm said. Last year, U.S. corn output measured 12.358 billion bushels, The firm reduced its yield projections in nearly 20 states, with Kansas experiencing the largest drop. Meanwhile, Informa pegged U.S. soybean yields at 42 bushels an acre, which would be down 0.7 bushels from the firm’s previous forecast and would be 0.5 bushels above last year. Informa tempered its yield forecast for several states due to this season’s below-average start. The estimates from Informa will be compared with the USDA numbers scheduled for release this week, on July 11. Preliminary yield projections from the private sector for the upcoming USDA report for corn ranged from 147.1 bushels per acre to 160.2 bushels. Pre-USDA-report soybean yields from industry participants currently range from 41.3 to 43.9 bushels per acre. This compares with the June USDA forecast of 43.9 bushels and the year-ago yield of 41.5 bushels. Wheat futures on the CBOT, MGEX and KCBT also rallied significantly during the week. Much of the upward price action was also related to the weather issues that influenced the price gains in corn and soybeans. Some of the strength, however, also continued to be tied to the poor growing conditions for the wheat crops in the Black Sea region, China and Australia. The weather-based rally in the U.S. will remain a key focus of the markets in Chicago and Winnipeg in the near term, but it is important to remember that this type of price movement is normally shortlived. “There certainly can be a further push higher in both CBOT soybean and ICE canola, but once the weather situation eases, the push down will be quick and hard,” an industry participant warned. “Demand destruction” is another phrase being used to temper the bullish enthusiasm in the oilseed sector. What this means is that when values climb too high, endusers balk at having to pay those kind of prices and back away from the market. In this kind of situation they turn to their built-up reserves to cover immediate needs or even seek out cheaper alternatives. Another consideration that needs to be kept in mind and not forgotten (as mentioned by my counterpart in last week’s column) is that the world’s macroeconomic issues continue to remain a factor that could surface at any given time and derail the weather rally. Dwayne Klassen writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting. For three-times-daily market reports from Commodity News Service Canada, visit “ICE Futures Canada updates” at www.manitobacooperator.ca. Export and International Prices All prices close of business July 5, 2012 Last Week Week Ago Year Ago WheAt CWB export 1CW 13.5 St. Lawrence — — 427.55 US hard winter ord.Gulf ($US) — — 309.87 EU French soft wheat ($US) — — 286.25 Chicago wheat (nearby future) ($US/tonne) 302.19 266.73 229.44 Minneapolis wheat (nearby future) ($US/tonne) 344.80 318.81 313.48 CoArse GrAins US corn Gulf ($US) 292.31 264.16 315.83 US barley (PNW) ($US) 260.00 260.00 290.00 Chicago corn (nearby future) ($US/tonne) 302.36 256.69 255.91 Chicago oats (nearby future) ($US/tonne) oiLseeds 230.84 216.57 221.11 Chicago soybeans (nearby future) ($US/tonne) 597.58 538.61 494.34 Chicago soyoil ($US/tonne) 1,194.01 1,122.79 1,245.16 CWB Pool Forecasts 2011-WheAt May Pro 2011-12 April Pro 2011-12 total Payments 2010-11 No. 1 CWRS 13.5 321.00 319.00 344.96 No. 1 CWRS 12.5 284.00 283.00 317.73 No. 2 CWRS 13.5 316.00 314.00 337.13 No. 1 CWHWS 13.5 321.00 319.00 344.96 No. 1 CPSR 249.00 249.00 277.77 No. 1 CPSW 245.00 244.00 274.67 No. 1 CWRW 253.00 245.00 284.23 No. 1 CWES 291.00 289.00 314.96 No. 1 CWSWS 250.00 250.00 268.72 duruM No. 1 CWAD 13.0 344.00 344.00 302.94 desiGnAted BArLeY Sel CW Two-Row 309.00 309.00 265.74 Sel CW Six-Row 294.00 294.00 247.98 Special Crops Report for July 9, 2012 — Bin run delivered plant Saskatchewan LentiLs (Cdn. cents per pound) GRAIN MARKETS Winnipeg Futures ICE Futures Canada prices at close of business July 6, 2012 Western BArLeY Last Week Week Ago July 2012 237.00 237.00 October 2012 231.00 217.00 December 2012 235.00 221.00 CAnoLA Last Week Week Ago July 2012 678.30 627.10 November 2012 618.30 593.70 January 2013 621.80 597.00 sPot MArket sPot MArket other ( Cdn. cents per pound unless otherwise specified) Large Green 15/64 21.00 - 24.00 Canaryseed 23.50 - 24.50 Laird No. 1 20.00 - 24.00 Oil Sunflower Seed — Eston No. 2 18.00 - 25.00 Desi Chickpeas 26.10 - 27.50 FieLd PeAs (Cdn. $ per bushel) BeAns (Cdn. cents per pound) Green No. 1 9.00 - 12.00 Fababeans, large — Medium Yellow No. 1 7.15 - 8.00 Feed beans — Feed PeAs (Cdn. $ per bushel) No. 1 Navy/Pea Beans — Feed Pea (Rail) 4.80 - 5.00 No. 1 Great Northern — MustArdseed (Cdn. cents per pound) No. 1 Cranberry Beans — Yellow No. 1 34.90 - 36.75 No. 1 Light Red Kidney — Brown No. 1 30.75 - 31.75 No. 1 Dark Red Kidney — Oriental No. 1 24.75 - 26.75 No. 1 Black Beans — No. 1 Pinto Beans — No. 1 Small Red — Source: STAT Publishing No. 1 Pink — sunFLoWers Fargo, nd Goodlands, ks Report for July 9, 2012 in US$ cwt NuSun (oilseed) 23.40 24.55 Confection Source: National Sunflower Association — —
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