December 21, 2007
US hog, feeder cattle imports from Canada latest week set records
Feeder cattle and total hog and pig imports from Canada in the latest week set new record highs.
The US Department of Agriculture's latest livestock imports report released Wednesday for last week showed 152,371 feeder pigs and total live swine at 238,780 head. Both figures are new records, according to Bob Brown, private analyst in Edmond, Okla. The previous records for feeder pigs and the combined total for live swine were set the week-ended Nov. 17.
According to the USDA's import data series, the year-to-date weekly average for all hogs is 187,797. Live swine imports through the first 50 weeks are up 12.3 percent from a year ago.
Feeder cattle imports last week also set a new record at 22,109 head. The previous record was established just two weeks ago at 21,769 head. Prior to these large figures, the top in weekly feeder cattle imports stood at 20,469 head shipped during the period-ended Oct. 26, 2002.
Market analysts said rising feed costs and a strong Canadian dollar against the weak US dollar are causing hefty producer losses in Canada, particularly in the hog sector. Producers are shipping more of their pigs to the US for feeding and slaughter instead.
March corn futures prices at the Chicago Board of Trade hit a contract high of US$4.41 1/2 per bushel on Monday. The top price for that contract the same day a year ago was US$3.67. July corn futures Monday hit a contract high of US$4.59 1/2, up nearly 22 percent from a year ago.
Soy meal prices also are up sharply from a year ago. The March meal contract set a new high last Friday at US$336.20 per short tonne, which was up 52 percent from the year-ago session high of US$205.30.
Some analysts and livestock dealers predict that new records in imports may be set this week due to increased shipments ahead of the Christmas holiday week. The data for imports this week will be available late next week, delayed from its normal Wednesday release due to the Christmas holiday Tuesday and USDA's offices being closed on Christmas eve.
