Things to Consider…. The latest US Cold Storage numbers reported pork stocks at 450.7 million pounds for July, down 24.2m pounds from June and 20.1m pounds under year-ago levels. Notably, June's cold storage was revised +0.8% higher from 470.9m pounds up to 474.9m pounds.
Many pork categories recorded decreased quantities from the previous month - most notably the seasonal drop in bellies. Belly stocks fell 18.4m pounds from June quantities and are 8.5m pounds under last year. The category accounting for Other pork as well as trimmings each fell 5.2m pounds from previously reported, however Other pork is 1.1m pounds over a year earlier while trimmings are down 10.0m pounds under year ago stocks. Spare-ribs and variety meats each declined 2.9m pounds on the month, with spare-ribs 5.1m pounds under last year and variety meats up 4.5m pounds compared to the year previous. Bone-in picnics fell 1.1m pounds in July, bringing them 3.7m pounds under a year earlier, while butts and unclassified pork recorded more modest moves lower from June stocks.
Only hams and loins recorded increased quantities from previously reported for June. Total hams overall in cold storage rose 11.0m pounds from June stocks, with the bone-in variety surging 12.4m pounds and slightly tempered by a 1.4m pound decline in boneless hams, while current supplies overall 1.6m pounds over a year earlier. Total loin stocks climbed 731 thousand pounds in July, with bone-in loins up 1.6m pounds and boneless down 847 thousand pounds, bringing current supplies overall 244 thousand pounds under year ago cold storage stocks.
Competing meats in cold storage varied for the month of July. Total beef in cold storage was down modestly, slipping 799 thousand pounds from June stocks and is 3.3m pounds under last year's supplies, while total chicken (including broilers, fryers & roasters) rose 11.3m pounds for July and is 88.5m pounds under a year earlier.
| August 27, 2024 
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Weekly Hog Price Recap Cash hogs declined during much of the week, with national cash recorded some mid-week offset rises while regional cash went unreported twice this past week. CME cash declined daily, however recorded more modest moves compared to cash hogs. Wholesale pork primal values were mixed to generally lower, weighing US pork cutout $2.76/cwt under the previous week's average.
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Cash hogs declined generally $4-$6 per hog on the week, with exception to BP4/TC4 which fell shy of $8/hog. OlyW 20 hogs declined $5.75/hog, while hogs out of Ontario fell $5.65/hog. ML Sig 4 and hogs out of Quebec were each down shy of $5/hog, while the Hylife declined $4.30/hog and the OlyW 21 was down $4.20/hog. In the US, Tyson hogs improved $0.55/hog while JM hogs fell $3.55/hog lower than the previous week.
 
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Weekly Hog Margins Monitored Canadian hog margins weakened on lower hog values, while a modest reduction in feed costs was lightly supportive. Canadian farrow-to-finish feed costs declined $0.50/hog while those out of the monitored US region edged $0.20/hog higher from the previous week. OlyW 20 hog margins weakened $5.30 to $53.40/hog profits, followed by those out of Ontario which were down $5.20 to $50.10/hog profits and ML Sig 4 margins declined $4.45 to $49.80/hog profits. Hylife margins fell $3.85 to $43.50/hog profits while OlyW 21 margins were down $3.75 to $41.55/hog profits and Quebec hog margins weakened $4.40 to $39.15/hog profits. In the US, Tyson hog margins improved $0.30 to $50/hog profits while JM margins weakened $3.80 to $38.65/hog profits.
 US Regional Margins - Tyson: $50.02 USD X 1.3600 = $68.03 in Canadian Dollars
- Morrell: $38.65 USD X 1.3600 = $52.56 in Canadian Dollars
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