Weekly Regional HOG PRICE Report

Things to Consider…

        US & Canadian All Hogs and Pigs were reported at 89.7 million head, up 924 thousand head or +1.0% from the previous report and up 254 thousand head or +0.3% compared to year-ago levels. Canadian All Hogs and Pigs fell 120 thousand head or -0.9% on the latest report to 13,855 thousand head, which brings them 130 thousand head or -0.9% under last year. 

        North American Market hogs increased 945 thousand to 82.5 million head, up +1.2% from last reported and brings the current market hog inventory 268 thousand head or up +0.3% from year-ago levels. Canadian market hog inventories fell 102 thousand head or -0.8% from last reported, and were down 110 thousand head or -0.9% lower than the year previous. Most Canadian market hog  weight categories were down from quantities reported for the front-half of the year, with the two lightest weight groups (markets weighing 119 pounds or less) were down around -1% and those over 180 pounds fell -3.4%, while markets weighing 120-179 pounds were up +2.3%. Compared to the year previous, makets under 50 pounds and those 120-179 pounds were up less than a percent, while those 50-119 pounds and markets over 180 pounds were down -3.3% to -3.4%.

        The North American Breeding herd slipped 21 thousand head or -0.3% from last reported, bringing the latest reporting period 14 thousand head or -0.2% under last year. Canada's breeding herd fell 17 thousand head or -1.4% from previously reported, and were 19 thousand head or -1.5% under the year previous.

        US & Canadian sows farrowed were reported +1.6% or 113 thousand head higher than the previously reported tally, however came in -0.5% or 39 thousand head under last year. The North American pig crop rose +3.6% from Q1/Q2 period and was up +0.5% from year-ago levels. Sows farrowed in Canada fell 25 thousand head or -2.0% from last reported and is 30 thousand head or -2.4% under last year. Canada's pig crop was recorded -1.8% lower or 275 thousand head lower than previously reported and 539 thousand head or -3.6% under last year. 

  March 11, 2025

Weekly Hog Price Recap

US cash hogs generally started and ended the week with daily declines however mid-week improvements helped regional cash average above the week previous. The WCB pm was up $0.60 to $89.85/cwt and the ISMpm improved $0.80 to $89.89/cwt, while the weekly average national cash fell $0.40/cwt to $89.51/cwt. CME cash was primarily lower however averaged above the previous week, up $0.59 to $90.09/cwt. Wholesale pork primals were mixed with lower butts, hams and ribs weighing US pork cutout -0.2% or $0.24 lower to $97.78 US/cwt from a week earlier.

Canadian hog prices were generally up around $3/hog higher, excluding a surge in hog prices out of Quebec and lighter improvements recorded in markets derived from lagged base pricing. Quebec hogs jumped $10/hog higher, followed by the ML Sig 4 which was up $3.60/hog while hogs out of Ontario and Hylife were each up shy of $3/hog. The OlyW 21 R2 was up $1.70/hog while the OlyW 20 improved $0.35/hog, and BP4/TC4 fell $0.65/hog. In the US, Tyson hogs declined $0.65/hog while JM hogs were up $1.25/hog from the week previous.

Weekly Hog Margins

Monitored hog margins improved significantly on higher hog values and a notable reduction in feed costs. Canadian farrow-to-finish feed costs fell $2.25/hog while those out of the monitored US region were down $1.90/hog from a week earlier.

Ontario hog margins strengthened $5.15 to $57.15/hog profits, followed by margins off the ML Sig 4 which were up $5.85 to $54/hog profits out of Brandon and $49.85/hog profits out of Lethbridge. The OlyW 20 improved $2.60 to $53.75/hog profits, while Hylife margins strengthened $5.10 to $51.35/hog profits. Hog margins out of Quebec surged $12.20 to $47.50/hog profits, while OlyW 21 margins were up $4 to $38.05/hog profits. In the US, Tyson hog margins improved $1.25 to $57.20/hog profits while JM margins strengthened $3.15 to $49.30/hog profits.
 

US Regional Margins

• Tyson: $ 57.22 USD X 1.4393 = $ 82.36 in Canadian Dollars
• Morrell: $ 49.28 USD X 1.4393 = $ 70.93 in Canadian Dollars

Disclaimer: Commodity Professionals Inc. presents this report as a snapshot of the market using current information available at the time of the report. These findings are for informational purposes only and should not be reproduced or transmitted by any means without permission.  Commodity Professionals Inc. does not guarantee and accepts no legal liability arising from or connected to, the accuracy, reliability, or completeness of any material contained in the publication.