Weekly Regional HOG PRICE Report

Things to Consider….

US retail bacon climbed +0.4% from the month previous with the average April price at $6.64/lb, bringing the latest prices +1.3% over year-ago levels. For comparison, current retail bacon prices are a modest 9 cents under the 3-year average for the month of April. 

Wholesale belly values declined for the second consecutive month, down 1.5% in April to $123.87/cwt, with current values +54.8% over the year previous. Notably, wholesale belly values are $22.25/cwt under the 3-year historical average.

All retail chops declined -0.5% to $4.24/lb for April, bringing the latest retail chop prices +3.3% over last year. For comparison, current retail price levels are $0.19 over the 3-year average for the month of April. Boneless chops dipped -0.4% to $4.51/lb, bringing boneless chops +0.5% over last year. Bone-in chop prices were unchanged at $4.33/lb, bringing the cut -3.8% under year-ago levels. 

Wholesale loin values rose +9.7% from the previous month to $97.72/cwt in April, bringing current loin values +21.0% over last year. Notably, April loin values are $3.56/cwt over the 3-year historical average.

All retail hams edged +0.3% higher to $4.49/lb for April, bringing hams +6.6% over year-ago levels. Current retail price levels are $0.59 over the 3-year average for the month of April. Boneless hams climbed +0.4% to $5.59/lb on the month, bringing the cut +0.5% over last year. 

Wholesale ham values averaged $86.64/cwt which was up +11.2% from March values, bringing the latest values +21.5% over year-ago levels and $0.90 under the 3-year average.

The category reporting other retail pork prices increased +0.9% to $3.71/lb, bringing other pork +3.6% over last year. Current levels are 27 cents over the 3-year average for the month of April.

  May 14, 2024


Weekly Hog Price Recap

Regional and national cash hogs declined the majority of the week, however did start the week significantly higher Monday. CME cash improved near daily, with mid-week rises up the most. Wholesale pork primal values were higher overall, only picnics and butts were lower, while US pork cutout buoyed up and down throughout the week to end $0.47/cwt over the previous week's average.

Monitored Canadian hog markets were generally improved by as much as $1.25/hog, excluding BP4/TC4 which declined $1.60/hog from the previous week due to its lagged base-pricing. OlyW 20 hogs were unchanged from a week earlier, while both the OlyW 21 and hogs out of Quebec climbed $0.30/hog. ML Sig 4 & Hylife hogs were each up a little better than $1/hog while values out of Ontario improved $1.25/hog. In the US, Tyson hogs improved $1.20/hog while JM hog values edged $0.10/hog higher than a week earlier.

Weekly Hog Margins

Monitored hog margins weakened on generally modest improvement in hog values which were offset by an increase in feed costs. Canadian farrow-to-finish feed costs rose $2.75/hog, while those in the monitored US region increased $2/hog from the previous week.

Ontario hog margins declined $1.50 to $41.55/hog profits, followed by those off the OlyW 20 which weakened $2.75 to $39.30/hog profits on the week. ML Sig 4 margins were down $1.60 from last reported to $38.75/hog profits, while Hylife margins fell $1.70 to shy of $33/hog profits. OlyW 21 and Quebec margins each weakened $2.45 to $24.20/hog profits and $23.25/hog profits, respectively. In the US, Tyson hog margins were down $0.85 to $52.65/hog profits while JM margins weakened $1.95 to $45.85/hog profits for the week.

US Regional Margins

  • Tyson: $ 52.65 USD X 1.3691 = $ 72.08 in Canadian Dollars
  • Morrell: $ 45.85 USD X 1.3691 = $ 62.77 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.