Weekly Regional HOG PRICE Report

Things to Consider…

US pork exports declined -2.0% from January into February, down -4.8% from year-ago levels and -3.3% compared to last year-to-date. The top three destinations for US pork for 2024 and into 2025 have been largely Mexico, followed by Japan and South Korea. US pork to Mexico fell -10.6% in February and is down -1.7% under year-ago levels, while those to Japan were up +4.6% on the month but -18.7% under last year, and South Korea increased +7.4% from January but is -14.1% lower compared to a year earlier.
 
 Pork imports for the same period fell -4.9% and were -6.3% under a year earlier, bringing year-to-date imports down -4.9% compared to the same months in 2024. Canada is largely the most notable provider of foreign pork to the US, with the latest imports from Canada down -2.4% in February and -5.6% under a year earlier. Mexico and Denmark also recorded lower shipments to the US, down -7.0% and -7.5% respectively on the month and -8.3% and -10.9% respectively compared to year-ago tallies.
 
 US beef & veal exports slipped -1.2% in February, bringing them -6.9% under a year earloer and -4.0% under last year-to-date. The top three destinations for US beef & veal in 2024 and into 2025 are Mexico, South Korea and China (Taiwan). Beef and veal to Mexico increased +5.3% from January into February however are -1.5% under a year earlier, while those to South Korea fell -4.4% on the month but are +1.9% over the same month in 2024, and China (Taiwan) dropped -17.4% in February and is down -16.4% compared to last year.
 
 Beef & veal imports for the same period dropped -38.8% on the month however were up +5.9% over a year earlier. Year-to-date imports are up +14.6% compared to the same months in 2024. The top three countries for 2024 and into 2025 that supply beef and veal to the US are Australia, Canada & Brazil. Beef and veal imports from Brazil plummeted -69.0% from January levels and are -0.8% under February 2024, while Australia dropped -45.5% on the month however is +5.0% over last year. Imports from Canada fell -11.7% in February and are down -12.3% from a year earlier.

  April 15, 2025

Weekly Hog Price Recap

US cash hogs declined near daily, particularly Monday and Friday, though recorded a notable rise Tuesday. National cash averaged the week $2.81 lower to $85.33/cwt, the WCB $3.27 lower to $82.80/cwt and the ISM was down $3.10 to $85.27/cwt from a week earlier. CME cash fell daily with late-week moves down the most, overall down $0.83 to $87.78/cwt. Wholesale pork primals were mixed to generally lower, only ribs and loins were modestly higher, with declines in other primals weighing US pork cutout -2.9% or $2.72 lower to $92.63 US/cwt from a week earlier.

Canadian hog prices generally fell $1-$6 per hog on the week, with those out of the east down the most and markets derived from lagged base pricing down more lightly in comparison. Ontario hogs dropped $5.8/hog, followed by hogs out of Quebec which fell $5.70/hog. Hylife hogs were down $4.05/hog while the ML Sig 4 was $3.65/hog lower. Olymel prices were down $2.30 in both the OlyW20 and OlyW21R2, while BP4/TC4 was $1.15/hog lower. In the US, Tyson hogs fell $5.15/hog while JM hogs dropped $6.80/hog from the previous week.

Weekly Hog Margins

Monitored hog margins weakened on lower hog values, with moderate moves in feed having little effect overall. Canadian farrow-to-finish feed costs fell $0.45/hog while those in the monitored US region climbed $0.45/hog from a week earlier.

Hog margins off the OlyW 20 fell $1.90 to $51.55/hog profits, followed by those out of Ontario which weakened $5.40 at $47.45/hog profits. ML Sig 4 hog margins were down $3.20 to $47.20/hog profits out of Brandon and $43.05/hog profits out of Lethbridge, while Hylife margins fell $3.60 to $43.85/hog. OlyW 21 margins were down $1.85 to $35/hog profits, while Quebec hog margins weakened $5.25 to $34.80/hog profits. In the US, Tyson hog margins weakened $5.65 to $50.75/hog profits while JM margins dropped $7.25 to $39.50/hog profits.
 

 US Regional Margins

• Tyson: $ 50.77 USD X 1.4095 = $ 71.56 in Canadian Dollars
• Morrell: $ 39.49 USD X 1.4095 = $ 55.66 in Canadian Dollars

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