Weekly Regional HOG PRICE Report

Things to Consider…

             The latest monthly US livestock and meat trade data recorded a significant decline in pork exports, dropping 69.0 million pounds for a monthly tally of 576.8 million pounds for January which were down 10.9m pounds compared to a year earlier.
              Most major destinations for US pork recorded decreased quantities in the month of January. US pork to Panama dropped sharply, 26.9m pounds lower on the month in a seasonal move following a steep jump recorded in December and brings the latest exports 366 thousand pounds or -14.1% under last year. US pork to Mexico fell 8.6m pounds in January however held 4.3m pounds over a year earlier, while Colombia recorded a 7.6m pound drop in the latest month and was 5.6m pounds under January 2024. US pork to Canada and Japan were each down around 6.9m pounds from December, however Canada was down 4.1m pounds compared to a year earlier and Japan was recorded 20.0m pounds lower compared to the previous January. US pork to South Korea fell 6.0m pounds on the month and was 12.0m pounds under a year earlier, while China* (including Hong Kong & Taiwan) was down 5.1m pounds overall from December quantities but up 15.7m pounds compared to a year earlier..
              Very few destinations for US pork recorded increases in January, however US pork to New Zealand was most notable rising 1.2m pounds or +61.7% from December and up 1.1m pounds or +57.0% compared to January 2024. Other destinations such as the Philippines, Australia and Guatemala recorded more moderate increases, generally up 550-750 thousand pounds on the month and 1-3 million pounds higher compared to last year.
              US pork imports in January fell 1.0m pounds or -1.1% from a month earlier, and brings the latest imports 3.5m pounds or -3.6% under last year. The month-over-month reduction in pork imports reflects decreased quantities from Poland, Italy and Mexico, however tempered by increases from Brazil and Denmark. Imports from Canada edged 256 thousand pounds higher than previously reported and was 3.0m pounds under a year earlier. For comparison, the US imported 20.7m pounds more pork from Canada than it exported to the country in the month of January.

  March 18, 2025

Weekly Hog Price Recap

US cash hogs finished higher as daily moves improved in the front-half of the week, though were partially tempered by late-week declines. Regional cash was up around $0.11/cwt from the previous week's average to $89.89/cwt ISM and $89.96/cwt WCB, while national cash rose $0.43/cwt to $89.94/cwt. CME cash was again primarily lower and finished moderately lower, down $0.39 to $89.69/cwt. Wholesale pork primals were mixed with lower butts, loins and bellies weighing US pork cutout -0.8% or $0.77 lower to $97.01 US/cwt from a week earlier.

Canadian hog prices fell generally around a dollar per hog on the week, excluding a notable drop out of Quebec which fell $5.45/hog, and in markets derived from lagged base pricing which were recorded higher. Hylife hogs declined $1.30/hog, followed by hogs out of Ontario which were down $1/hog and the ML Sig 4 which was $0.75/hog lower. The OlyW 21 R2 was up $1.10/hog while the OlyW 20 improved $1.80/hog, and BP4/TC4 rose $3.60/hog. In the US, Tyson hogs were up $1.55/hog while JM hogs climbed $0.25/hog from the week previous.

Weekly Hog Margins

Monitored Canadian hog margins were primarily weaker due to lower hog values. Feed costs held little sway over the week-over-week moves in recorded hog margins, with Canadian farrow-to-finish feed costs unchanged while those out of the monitored US region were up $0.05/hog from a week earlier.

Ontario hog margins fell $1 to $56.15/hog profits, followed by margins off the OlyW 20 which strengthened $1.75 to $55.50/hog profits. ML Sig 4 hog margins declined $0.75 to $53.20/hog profits out of Brandon and $49.10/hog profits out of Lethbridge, while Hylife margins fell $1.30 to $50/hog profits. Hog margins out of Quebec weakened $5.45 to $42/hog profits, while OlyW 21 margins improved $1.10 to $39.15/hog profits. In the US, Tyson hog margins strengthened $1.45 to $58.70/hog profits while JM margins edged $0.15 higher to $49.45/hog profits.
 

US Regional Margins

• Tyson: $ 58.68 USD X 1.4414 = $ 84.58 in Canadian
• Morrell: $ 49.43 USD X 1.4414 = $ 71.25 in Canadian Dollars

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