Weekly Regional HOG PRICE Report

Things to Consider…

       The latest US Cold Storage numbers reported pork stocks at 400.4 million pounds for December, up 9.3m pounds from November but 27.0m pounds under year-ago levels. Year-to-date, 2024 pork stocks were 417.3m pounds under those reported for 2023. The overall year-to-date decline from 2023 compared to 2024 were largely due to a notable decrease in bellies, which was down 132.5m pounds, while spare-ribs were 84.7m pounds lower and others down generally 50-60 million each such as trimmings, hams, unclassied pork and 'other' pork categories

       Despite many pork categories recording decreased quantities from the previous month, monthly pork stocks finished higher on increased quantities of bellies, spare-ribs and trimmings. Belly stocks rose 11.8m pounds from November but were 21.8m pounds under last year. Spare-ribs were up 4.8m pounds from previously reported and 2.3m over last year, while trimmings rose 5.5m pounds into December and was 2.2m pounds over a year earlier. 

       Total loin stocks dropped 3.8m pounds in December, with bone-in loins down 2.4m pounds and boneless down 1.4m pounds, bringing current supplies overall 7.2m pounds under year-ago cold storage stocks. Unclassified pork fell 2.7m pounds in the latest month and was 6.9m pounds under a year earlier, while the category accounting for Other Pork declined 2.3m pounds from November and was 11.9m pounds lower than last last. Variety meats fell 1.5m pounds from November and 1.8m pound under lasy ear, while butt were down 1.4m pounds for December but were up 4.3m pounds over a year earlier. Total hams overall in cold storage declined 680 thousand pounds on the month, with the bone-in variety up 1.6m pounds and partially offset by an increase of 910 thousand pounds in boneless hams, while current supplies overall 13.6m pounds over a year earlier. 

       Competing meats in cold storage varied for the month of December, however were down from a year earlier. Total beef in cold storage was down 16.6m pounds from November stocks and was 23.0m pounds under last year's supplies, while total chicken (including broilers, fryers & roasters as well as chicken cuts) fell 7.6m pounds for December and was 68.6m pounds under a year earlier.

  January 28, 2025

Weekly Hog Price Recap

US cash hogs improved during much of the week and finished $0.92/cwt higher (both nationally and regionally), with daily national cash down only Friday while daily regional cash varied from day-to-day and went unreported Thursday. CME cash also improved near daily, only modestly lower Thursday, ending $0.63/cwt lower than the previous week's average. Wholesale pork primals were again mixed this week past however improved belly, rib and loin values supported US pork cutout up +1.0% or $0.90 higher to $91.35 US/cwt from the week previous.

Weekly Canadian hog prices generally improved $1-$2 per hog higher from previously reported. Hylife hogs rose $2.20/hog and the ML Sig 4 improved $1.35/hog, while hog values out of Ontario were up $1.20/hog and those out of Quebec were $1/hog higher. The OlyW 20 rose $2.90/hog and the OlyW 21 improved $1.90/hog, while BP4/TC4 was up only slightly. In the US, Tyson hogs jumped $3.55/hog while JM hogs improved $1.90/hog from the previous week.

Weekly Hog Margins

Monitored hog margins strengthened on improved hog values, however rises were tempered by another rise in feed costs. Canadian farrow-to-finish feed costs were up $0.85/hog while those out of the monitored US region were up $1.20/hog from a week earlier.

ML Sig 4 hog margins improved $0.50 to $24.40/hog profits, followed by margins out of Ontario which were up $0.35 to $24.20/hog profits. OlyW 20 margins strengthened $2.05 to $23.85/hog profits while those out of Hylife were up $1.35 to $23.65/hog profits. Quebec hog margins climbed $0.15 to $17.50/hog profits while margins off the OlyW 21 R2 were up $1.05 to $11.65/hog profits. In the US, Tyson hog margins strengthened $2.40 to $30.45/hog profits while JM margins improved $0.75 to $25.90/hog profits.
 

US Regional Margins

• Tyson: $ 30.43 USD X 1.4354 = $ 43.68 in Canadian Dollars
• Morrell: $ 25.92 USD X 1.4354 = $ 37.21 in Canadian Dollars

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