Weekly Regional HOG PRICE Report

Things to Consider…

             US retail pork prices in January were primarily higher on the month, excluding chops, and held above year-ago prices. Bacon prices improved +1.9% to $7.04/lb which is up +6.5% over last year, while chops fell -1.4% in the latest data to $4.25/lb but is +0.3% over year-ago prices. Retail hams edged +0.1% higher to $4.41/lb from the previous month and is up only slightly compared to a year earlier, while the category accounting for all other pork climbed +1.3% from December prices to $3.70/lb and brings the category +2.7% over year-ago prices. Monthly wholesale pork values were mixed from December into the first month of the year, however US pork cutout for the month of January ended -2.5% lower on the month to $97.73/cwt but up +4.7% over year-ago values. Wholesale hams dropped -18.1% from December however the latest month's values are +6.3% above a year earlier, while picnics fell -16.0% on the month and is -2.7% under year-ago values and butts slipped -0.8% from December but is +5.7% over last year. Wholesale loinds edged +0.2% higher from the previous month but is down -2.7% on the year, while ribs improved +4.9% from December and is +17.0% over year-ago values and wholesale bellies jumped +16.9% in January and is +8.3% over last year.

             US retail beef prices varied on the month for January however were recorded above year-ago prices. Uncooked ground slipped -0.7% lower to $5.82/lb which is +6.3% over last year while roasts were nearly unchanged at $7.72/lb bringing them +6.2% over a year earlier. Beef steaks were up +2.6% to $10.91/lb which is up +2.0% compared to a year earlier, while the category accounting for all other beef (not veal) prices edged -0.3% lower to $6.93/lb and is up a modest +0.1% over year-ago prices.  Wholesale beef values improved overall in January with choice cutout rising +4.6% to $330.26/cwt and +13.6% over a year earlier, while select cutout jumped +10.7% on the month to $314.06/cwt and up +13.9% over last year.

             US retail broiler prices at $2.43/lb for January dipped -0.3% lower on the month but is a modest +0.1% over a year earlier, while wholesale broiler values for the same period climbed +0.3% from a month earlier to $1.11/lb which is +15.0% over last year.

  March 25, 2025

Weekly Hog Price Recap

US cash hogs finished lower overall despite some mid-week improvements with Wednesday alone generally rising $2.75-$3/cwt, with both regional WCB and national cash down $0.92/cwt from the previous week's averages to $89.03/cwt while the ISM fell $0.71 to $89.30/cwt. CME cash was also primarily lower and finished $0.48 lower to an average of $89.22/cwt. Wholesale pork primals were mixed with lower bellies, ribs and picnics weighing US pork cutout -0.8% or $0.77 lower to $96.24 US/cwt from a week earlier.

Canadian hog prices generally fell $1-$3 per hog on the week. Ontario hogs dropped $3.05/hog, followed by hogs out of Manitoba with the Sig 4 down $2.80/hog and Hylife down $2.55/hog. Quebec hogs fell $1.50/hog and the OlyW 21 R2 declined $1.20/hog, while BP4/TC4 was $0.75/hog lower and the OlyW 20 edged $0.50/hog lower. In the US, Tyson hogs climbed $0.25/hog higher while JM hogs fell $1.90/hog from the previous week.

Weekly Hog Margins

Monitored Canadian hog margins weakened on lower hog values with feed again attributing very little to overall moves. Farrow-to-finish feed costs on either side of the CAN/US border slipped $0.13/hog from a week earlier.

OlyW 20 hog slipped $0.45 to $55.10/hog profits, followed by margins out of Ontario which weakened shy of $3 to $53.25/hog profits. ML Sig 4 hog margins fell $2.70 to $50.50/hog profits out of Brandon and $46.35/hog profits out of Lethbridge, while Hylife margins were down $2.45 to $47.60/hog profits. Hog margins out of Quebec weakened $1.40 to $40.70/hog profits, while OlyW 21 margins fell $1.05 to $38.10/hog profits. In the US, Tyson hog margins improved $0.40 to $59.05/hog profits while JM margins weakened $1.80 to $47.65/hog profits.
 

US Regional Margins

• Tyson: $ 59.06 USD X 1.4328 = $ 84.62 in Canadian Dollars
• Morrell: $ 47.64 USD X 1.4328 = $ 69.26 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.