Things to Consider…. The latest monthly US livestock and meat trade data recorded pork exports at 584.7 million pounds, dropping 71.2m pounds from April. Current pork exports for May are down 33.5m pounds from a year earlier, bringing them 176.0m pounds over last year-to-date.
The significant month-over-month decline in US pork exports reflect reduced quantities to Mexico, Japan, South Korea and China*. US pork to Mexico dropped 36.9m pounds from previously reported (with that month notably the second highest month recorded historically), bringing current exports 17.3m pounds under a year earlier and 57.6m over last year-to-date. US pork to Japan and South Korea each fell 14.8m pounds in May, with Japan down 2.4m pounds from a year earlier and 1.6m pounds up over last year-to-date while South Korea was up 1.5m pounds over last year and 93.0 pounds higher than last year-to-date. US pork to China* (including Hong Kong & Taiwan) was down 5.7m pounds overall from April quantities however is 25.6m pounds under a year earlier and 99.4m pounds under last year-to-date. Honduras also recorded a notable decrease from a month earlier, falling 4.8m pounds on the month and is 3.2m pounds under last year but a modest 513 thousand pounds above last year-to-date.
US pork to Colombia rose 5.8m pounds in the latest data, up 10.5m pounds over a year earlier and 49.2m pounds over last year-to-date. US pork to Canada was up 4.2m pounds for May, bringing them 962 thousand pounds under last year and 7.8m pounds under last YTD.
US pork imports for April fell 1.7m pounds or -1.8% from a month earlier, and brings the latest imports 7.3m pounds or +8.2% over last year and 30.1m pounds or +6.5% above last YTD. The notable month-over-month reduction in pork imports can be attributed to lessened imports from Brazil, which fell 2.0m pounds or -29.0% from April quantities but are up 1.7m pounds compared to a year earlier. Imports from Canada climbed 833 thousand pounds from last reported and is 2.5m pounds over a year-ago, bringing overall Canadian pork imports -2.4% lower compared to last year-to-date. For comparison, the US imported 18.0m pounds more pork from Canada than it exported to the country in the month of May.
| July 9, 2024 
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Monitored Canadian hog markets fell generally $1.50-$5 per hog lower from the week previous. Hogs out of Quebec dropped $5.15/hog, followed by the OlyW 21 & 20 which fell $4.10 & $3 per hog respectively. BP4/TC4 declined $2.75/hog and the ML Sig 4 declined shy of $2/hog, while Ontario hogs were down $1.70/hog and Hylife was $1.50/hog lower. In the US, Tyson hogs fell $1.75/hog while JM hogs dropped $4.85/hog from the previous week.
 
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Weekly Hog Margins Monitored Canadian hog margins varied on the week as lower hog values were weighed against lessened feed costs. Canadian farrow-to-finish feed costs dropped $3/hog while those in the monitored US region declined $2.15/hog from a week earlier. Ontario hog margins strengthened $1.20 to $46.80/hog profits, followed by OlyW 20 & ML Sig 4 margins which each tallied $46/hog profits for the week, down $0.10 and up $1 respectively. Hylife margins strengthened $1.40 to $40.15/hog profits while OlyW 21 weakened $1.20 to $31.60/hog. Quebec margins continue as the weakest of those monitored, dropping $2.25 to $25.40/hog profits. In the US, Tyson hog margins improved $4 to $57.20/hog profits while JM margins strengthened $7 to $54.45/hog profits for the week.
 US Regional Margins - Tyson: $ 57.20 USD X 1.3645 = $ 78.05 in Canadian Dollars
- Morrell: $ 54.45 USD X 1.3645 = $ 74.30 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. |