Weekly Regional HOG PRICE Report

Things to Consider….

Lean hog futures have rallied to within a couple dollars of contract highs in nearby December and during the last week have flirted with NEW contract highs in many 2025 contracts.  In addition to recording strong US lean hog future prices, at the same time the Canadian dollar has chosen to take a nose dive to the low $0.7200’s which has a huge and immediate impact on Canadian cash hog prices and forward contract values.     In today’s pricing atmosphere a 1 cent move in the Canadain dollar has roughly a $2.50 CAD per hog change to local market hog prices.  The recent 2 cent slip in the Loonie has added $5.00 CAD per hog, somewhat a bonus for Canadian hog producers.

Current values offer great coverage for those seeking protection or risk mitigation for the last quarter of 2024 and much of 2025.

Canadian Dollar (spot/nearby) (1year)

 

April 2025 Lean Hog Futures (1year)

 

  October 15, 2024

December 2024 Lean Hog Futures (1year)

 



 


Weekly Hog Price Recap

Cash hogs were mixed this week as low volume and non reporting in some regions skewed weekly averages. National pm prices which were reported 4 out of the 5 days registering a weekly increase of $0.78 US per cwt from the Friday earlier weekly average. CME cash was narrowly lower ending the week 6 cents below the prior Friday's weekly close. Wholesale pork primals were also steady again holding at prices seen since late summer at $95.08 trading down only $0.18 US per cwt below the previous 5-day value.


 

Canadian hog markets were higher fuelled by a lower dollar/higher exchange rate with prices ranging from $0.80 to $2.40 higher per hog CAD. ML Sig 4 was the big gainer on the week adding $2.40/hog from the week prior, Hylife recorded a gain of $2.06 and Olymel prices were both higher by $2.30 (OlyW21) and $2.33 (OlyW20). In the US, Tyson hogs dropped $3.10/hog while JM hogs declined by $1.62US/hog as regional US markets struggled to report enough hogs to bolster price.
 

 

Weekly Hog Margins

Monitored Canadian hog margins were higher week over week mainly due to higher hog prices which were supported by a stronger exchange rate as the Loonie continues to lose ground compared to other relative currency markets.     Western regions recorded gains of around $2.50 across the board while Eastern markets were also higher from $1 to $2.50 per hog. Canadian farrow-to-finish feed costs held steady which allowed margin to creep higher with cash hog prices.

Ontario hog margins were amongst the strongest gaining $2.63 to $31.41.80/hog, ML Sig 4 (MB) margins were stronger up $2.64 to $30.43/hog profits. Hylife margins rose $2.30 to $26.82/hog profits and OlyW 20 hog margins strengthened $2.57 to $28.00/hog profits, while Quebec hog margins were the least impacted but still higher by $1.04 to $24.21 per hog.  OlyW 21 gained $2.54 to $19.21/hog profits. In the US, Tyson hog margins dropped $2.46 to $25.34/hog profits while JM margins were slightly lower by $0.98 at $19.15/hog profits.
 

US Regional Margins

  • Tyson: $ 25.34 USD X 1.3694 = $ 34.70 in Canadian Dollars
  • Morrell: $ 19.15 USD X 1.3694 = $ 26.22 in Canadian Dollars 






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