Things to Consider…. US federally inspected hog slaughter was reported at 2,044 thousand head: down -12.8% for the Memorial Day holiday week, +2.9% over the same week last year and -3.8% under last year-to-date. US sow slaughter for the week ending May 21st was up +10.9% from the previous week to 62,600 head, which is +4.1% compared to last year and -5.9% compared to last year-to-date. US pork production for the holiday week fell 66.2 million or -12.9% to 445.5 million pounds, bringing overall production +4.2% compared to last year and -3.4% under last year-to-date. Market hog weights continue at high levels seasonally. Weekly average barrow and gilt weights in the ISM reporting area for the week ending May 28th was reported at 286.4 lbs, down a modest 0.2 pounds or -0.1% from a week earlier and up +1.2% or 3.3 lbs over year ago levels. Year-to-date, hog weights reported for 2022 are +0.5% over the same weeks in 2021. Canadian federally inspected hog slaughter for the week ending May 28th was reported at 349.2 thousand head, down 56.0 thousand or –13.8% for the Victoria Day holiday week and +3.9% or 13.1 thousand over the same week last year. Canadian pork production for the same period was estimated at 38,329 metric tons, down 6,157 MT or –13.8% on the week and up 2,495 MT or +7.0% from year ago levels. Lean hog futures continue to trade in a newly established range, off the highs reported earlier in the year. Producers should begin to finalize decisions for late year forward contracting as seasonally the market begins to experience weakness following the heat of the summer. |