Things to Consider….

        The latest data for Canadian domestic pork exports recorded September at 100.6 thousand MT, down –2.1% from the previous month and –5.4% under a year earlier. Overall, pork export values for the same period fell –2.7% from last reported and brings current export values –5.0% under last year. 

        Total swine carcass and cut exports climbed +1.5% for September to 64.8 thousand MT, bringing them down –11.0% on the year. Overall values slipped –0.2% on the month and –7.9% under year-ago values. For perspective, September’s value per unit of $3.89/KGM declined –1.6% from August but is +3.5% over last year. 

        Total ham exports fell –16.6% for September to 13.3 thousand MT, bringing them –6.1% under last year, while the values of these exports were down -15.6% on the month and –9.1% under year-ago values. For perspective, the latest value per unit at $3.84/KGM climbed +1.2% from August however fell –3.1% compared to last year.

        Belly exports rose +6.1% to 1.9 thousand MT in the latest data, bringing current exports +3.4% over a year earlier, however the value of these exports were recorded lower. Bellies export values overall were down –1.1% from August and –10.2% under last year. For perspective, belly values per unit at $6.90/KGM dropped –6.8% from August and –13.2% under belly values last year. 

        Pork shoulder exports surged significantly higher than the month previous (which was notably considered low), up +168.4% from August and is up +100.0% over last year. The latest monthly pork shoulder exports at 105.3 MT is the highest recorded since August 2022 at 111.2 MT. Edible swine offal slipped –1.3% into September to 14.2 thousand MT, however is +54.5% over a year earlier with Sept/22 representing a 17-month low. 

        Notably, the percentage of Canadian pork production exported globally rose to 59.5% in September, compared to the 12-month average of 57.5%. The percentage of Canadian pork production exported to the United States at 18.3% is very near the 12-month average of 18.0%.

  November 14, 2023



Weekly Hog Price Recap

Regional and national cash hogs varied in the week however declines recorded late-week weighed prices lower. CME cash was higher mid-week with declines remaining days to finish the week more moderately lower compared to cash hogs. Most wholesale pork primal values improved, only ribs and loins were lower, with US pork cutout $1.35/cwt over the previous week.

Monitored markets were generally down as much as $3/hog to $2/hog higher, with some markets gaining support from improved cutout values. Market hogs out of Quebec were up $2.20/hog, followed by those out of Hylife which improved $1.60/hog. The OlyW 21 slipped $0.75/hog, while hogs out of Ontario and BP4/TC4 were each down $1.70/hog. The ML Sig 4 fell $2.50/hog while the OlyW 20 declined $3/hog from a week earlier. In the US, Tyson hogs fell $3.85/hog while JM hog values dropped $4.15/hog from the previous week. 

Weekly Hog Margins

Monitored hog margins generally weakened on lower hog values overall. Canadian farrow-to-finish feed costs climbed $0.30/hog higher while costs in the monitored US region slipped $0.30 lower than the previous week.

Hog margins out of Hylife improved $0.75 to $3.65/hog losses, followed by those off the ML Sig 4 which weakened $2.75 to $5.75/hog losses. OlyW 20 margins weakened $3.30 to $10.35/hog losses, while Ontario hog margins declined $2 to $12/hog losses and the OlyW 21 fell $1 to $14.85/hog losses. Quebec hog margins strengthened $1.90 to $17.60/hog losses. In the US, Tyson hog margins dropped $3.55 to $4.85/hog losses while JM margins weakened $3.85 to $16.80/hog losses for the week.

US Regional Margins

  • Tyson: $ -4.85 USD X 1.3767 = $ -6.68 in Canadian Dollars
  • Morrell: $ -$16.81 USD X 1.3767 = $ -23.14 in Canadian Dollars    

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