Things to Consider… The latest monthly US livestock and meat trade data recorded a significant increase in pork exports, which is not uncommon for this time seasonally, rising 75.8 million pounds for a monthly tally of 641.0 million pounds in March. Current pork export numbers are up 19.9m pounds compared to last year but 19.3m pounds under last year-to-date. Most destinations for US pork recorded increased quantities in the month of March. US pork to Japan was up the most in terms of quantity, up 22.8m pounds on the month but brings the latest exports 8.0m pounds under last year and 44.3m pounds under last YTD. US pork to South Korea was up 19.8m pounds for the latest monthly tally, but down 10.0m pounds compared to a year earlier and 31.1m pounds lower than last YTD, while Colombia rose 11.4m pounds from February exports and is 12.5m pounds over last year and 3.9m pounds above last YTD. US pork to Canada increased 6.5m pounds in March however was down 3.3m pounds compared to a year earlier and 9.8m pounds under last YTD, while Mexico increased 5.5m pounds on the month and was 23.7m pounds over last year and 24.3m pounds over last YTD. China* (including Hong Kong & Taiwan) was up 4.2m pounds overall from February quantities, rising 5.6m pounds above to a year earlier and 25.9m pounds over last YTD. Other destinations for US pork were up more moderately, generally up around 1-2 million pounds each on the month including Honduras, Panama and Australia. US pork imports in March were also increased, up 6.2m pounds or +6.9% from the month previous. This brought the latest imports 7.9m pounds or -7.9% under last year, and 17.5m pounds or -5.9% under last year-to-date. The month-over-month rise in pork imports reflects moderately increased quantities from most major suppliers, particularly Poland (1.9m pounds), the Netherlands (1.1m pounds), United Kingdom (885 thousand pounds) and Canada (870 thousand pounds). Notably, imports from Canada are down 3.5m pounds compared to last year and 9.5m pounds under last YTD. For comparison, the US imported 11.3m pounds more pork from Canada than it exported to the country in the month of March. | May 13, 2025 
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Weekly Hog Price Recap US cash hogs varied during the week however averaged above the previous weekly average on stronger improvements Tuesday & Thursday. National cash averaged $1/cwt higher to $93.01/cwt, the WCB was up $0.98 to $93.43/cwt and the ISM was up $1.39 to $93.97/cwt from a week earlier. CME cash improved the majority of the week, overall up $0.95 to $90.04/cwt. Most wholesale pork primals declined on the week, weighing US pork cutout -1.1% lower or down $1.08 to $96.05 US/cwt from a week earlier.
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Canadian hog prices were again mostly higher, excluding hogs out of Quebec which followed pork cutout lower by declining $1.55/hog on the week. Hylife hogs climbed $1.25/hog, whil,e the ML Sig 4 was up $2.15/hog and hogs out of Ontario improved $2.50/hog. Markets derived from lagged base pricing were up more in comparison, with the OlyW 21 R2 up $3.10/hog, the OlyW 20 $5/hog higher and BP4/TC4 jumping $6/hog. In the US hog values also improved, with Tyson hogs up $2.65/hog while JM hogs improved $2.05/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 another decline in feed costs. Canadian farrow-to-finish feed costs fell $1.85/hog while those out of the monitored US region were again down around $1/hog from a week earlier. Ontario hog margins strengthened $4.30 to shy of $54/hog profits, followed by those off the ML Sig 4 which were up $4 to $51.05/hog profits out of Brandon and $46.85/hog profits out of Lethbridge. OlyW 20 hog margins strengthened $6.85 to $52/hog profits, and Hylife margins were up $3.10 to $48.65/hog profits, while Quebec margins edged $0.30 higher to $39.15/hog profits and the OlyW 21 improved $5 to $35.45/hog profits. In the US, Tyson hog margins strengthened $3.60 to $65/hog profits while JM margins improved $3 to $58.80/hog profits.
US Regional Margins - Tyson: $ 64.94 USD * 1.3845 = $ 89.91 CAD
- Morrell: $ 58.81 USD * 1.3845 = $ 81.42 CAD
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. |