Weekly Regional HOG PRICE Report

Things to Consider….

US retail pork prices for February were generally lower from the month previous and under year-ago prices. Bacon prices fell -0.8% to $6.56/lb which is -0.5% under last year, while chops declined -1.9% in the latest data to $4.16/lb and is -2.3% under year-ago prices, and the category accounting for 'all other pork' fell -1.2% from January prices to $3.56/lb which is -0.7% under year-ago prices. Retail hams increased in February, up +2.4% to $4.52/lb from the previous month and +3.4% over a year earlier.

Monthly wholesale pork values improved overall from January into February. US pork cutout at $89.14/cwt increased +2.5% on the month and +8.3% over year-ago values. Wholesale ribs surged +15.2% from a month earlier and is +24.6% over last year, while bellies were up +3.6% for February and +28.4% over a year earlier. Wholesale hams increased +3.5% on the month but is a modest +0.1% over last year, while butts improved +2.5% from the previous month and +7.3% over last year and loins edged +0.4% higher on the month and is +2.2% over last year. Wholesale picnics were the only primal to record lower month-over-month values, falling -5.8% from January but +0.6% over year-ago values.

Monthly US retail beef prices were modestly higher overall: Uncooked ground edged +0.1% to $5.48/lb which is +5.2% over last year, and roasts were up +1.1% to $7.35/lb bringing them +7.8% over a year earlier, while steaks fell -1.5% to $10.53/lb which is +8.8% over a year earlier. All other beef (not veal) climbed +0.7% to $6.97/lb and is +6.9% over year-ago prices. 

Wholesale beef values generally improved in February, with choice cutout up +2.1% to $296.90/cwt and was +7.5% over a year earlier, while select cutout was up +3.9% on the month to $286.57/cwt and +9.0% over last year.

US retail broiler prices at $2.37/lb for February fell -2.0% on the month and is -1.8% under a year earlier. 

Wholesale broiler values improved +3.2% from a month earlier to $1.00/lb which is +12.5% over last year.

  March 19, 2024



Weekly Hog Price Recap

Regional and national cash hogs started the week modestly lower, however improved throughout the week thereafter with the strongest rises recorded mid-week. CME cash continues to improve daily, with most rises considered modest except a considerable increase recorded mid-week. Wholesale pork primal values improved overall, except hams which slipped -2.9%, with US pork cutout up $1.13/cwt from the week previous.

Monitored hog markets generally improved another $1-$3 per hog on the week, with exception to hog values out of Quebec which slipped $1/hog. ML Sig 4 hogs climbed $0.70/hog, while the OlyW 21 was up $1.10/hog and Hylife improved $1.25/hog. Hogs out of Ontario were up $1.80/hog, while BP4/TC4 rose $2.55/hog and the OlyW 20 improved $2.75/hog. In the US, Tyson hogs rose $5/hog while JM hog values were up closer to $5.50/hog from a week earlier.

Weekly Hog Margins

Most monitored hog margins strengthened on continued improvements in hog values, though were tempered by a moderate rise in feed costs. Canadian farrow-to-finish feed costs increased $0.60/hog, while those in the monitored US region climbed $0.50/hog from the week previous.

ML Sig 4 hog margins edged $0.10 higher to $17.70/hog profits on the week, followed by margins out of Ontario which strengthened $1.20 to $17.20/hog profits. Hylife margins improved $1.20 to $14.80/hog profits, while OlyW 20 hog margins strengthened $2.20 to $14.75/hog profits. OlyW 21 margins climbed $0.50 to $7.20/hog profits, while hog margins out of Quebec weakened $1.55 to $7/hog profits. In the US, Tyson hog margins improved $4.50 to $23.55/hog profits while JM margins strengthened $5 to shy of $20/hog profits for the week.

US Regional Margins

  • Tyson: $23.53 USD X 1.3501 = $31.77 in Canadian Dollars
  • Morrell: $19.89 USD X 1.3501 = $26.85 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.