Things to Consider… The latest US federally inspected hog slaughter for the week prior was reported at 2,486 thousand head: up 56.0 thousand head or +2.3% from the previous week. The latest estimated slaughter levels were up +3.5% compared to the same week last year but down -0.5% under last year-to-date. It's worth noting that the first 4 months of 2025 hog slaughter represents a 4-year low compared to other recent years, with 2025 so far totalling 44,596.9 thousand head for the first 18-weeks of 2025. US barrow and gilt slaughter for the week ending April 19th tallied 2,306 thousand head, which declined 105,600 head from the previous week or -4.4% lower. This brought market hog slaughter -4.4% under last year and -0.9% under last year-to-date. US sow slaughter for the week ending April 19th fell -6.1% or 3,600 head lower from the week prior to 55,600 head, which is -13.1% under last year and -5.8% below last year-to-date. For comparison, the 16-week average of US sow slaughter tallied at 951,000 head represents a 3-year low for this time period, and is on the low side compared to other more recent years. US boars dipped 100 head lower or -1.1% from a week earlier, but is up +7.8% over the same week last year though is -4.3% lower than last year-to-date. 
| May 6, 2025 
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Weekly Hog Price Recap
US cash hogs recorded daily declines throughout much of the week however stronger rises mid-week, especially Tuesday, helped them average above the previous week. National cash averaged the week $2.38 higher to $92.01/cwt, the WCB was up $0.87 to $92.45/cwt and the ISM was up $1.25 to $92.58/cwt from a week earlier. CME cash improved daily with early-week rises up more, supporting it overall $2.42 higher to $89.09/cwt. Wholesale pork primals were mostly higher, only ribs and modestly picnics were lower, with US pork cutout +1.1% higher or up $1.10 to $97.13 US/cwt from a week earlier.
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Canadian hog prices continued higher this past week, generally up $4.50-$6.50 per hog. Hogs out of the east were up the most with both Quebec & Ontario each up $6.50/hog, and the OlyW 20 followed closely behind rising $6.35/hog. The ML Sig 4 improved $6/hog from the previous week while the OlyW 21 R2 was up $5.50/hog, Hylife $4.55/hog higher and BP4/TC4 was up $2/hog. In the US hog values also improved, with Tyson hogs surging more than $9/hog higher while JM hogs improved $1.80/hog from the previous week. 
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Weekly Hog Margins Monitored hog margins strengthened on continued improvements in hog values and were further supported by a decline in feed costs. Canadian farrow-to-finish feed costs fell around $1.40/hog while those out of the monitored US region were down $1/hog from a week earlier. Ontario hog margins strengthened $7.85 to $49.60/hog profits, followed by those out Manitoba with the ML Sig 4 up $7.40 to $47.10/hog profits out of Brandon and $42.90/hog profits out of Lethbridge while Hylife margins strengthened $6 to $45.55/hog profits. Hog margins off the OlyW 20 rose $7.70 to $45.15/hog profits, while Quebec margins strengthened $7.90 to $38.85/hog profits and the OlyW 21 improved $6.90 to $30.50/hog profits. In the US, Tyson hog margins strengthened $10.35 to $61.35/hog profits while JM margins improved $2.80 to $55.80/hog profits.
US Regional Margins - Tyson: $ 61.34 USD X 1.3822 = $ 84.78 in Canadian Dollars
- Morrell: $ 55.82 USD X 1.3822 = $ 76.74 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. |