Weekly Regional HOG PRICE Report

Things to Consider….

The latest monthly US livestock and meat trade data recorded pork exports at 593.4 million pounds, climbing 5.7m pounds from January as most destinations for US pork reported increased quantities that offset a significant decline to Mexico. Current pork exports for February are up 89.2m pounds over a year earlier, bringing them 121.2m pounds over last year-to-date.
 
US pork to China* (including Hong Kong & Taiwan) recorded the largest month-over-month increase, up 5.8m pounds overall from January quantities however is 13.9m pounds under a year earlier and 43.7m pounds under last YTD. US pork to Colombia and the Dominican Republic each increased 4.3m pounds in February, however Colombia is up 13.2m pounds over last year and 23.2m pounds above last YTD while the Dominican Republic is down 2.8m pounds under last year and 2.4m pounds under last YTD. Chile increased monthly exports by 3.0m pounds and are up 2.9m pounds over last year and 3.2m pounds higher than last YTD. US pork to South Korea were up 1.1m pounds from last reported and are 68.4m pounds over a year earlier and 48.2m pounds higher compared to last YTD, while other destinations were up less than a million pounds from previously reported. Notably, Canada was up 692 thousand pounds from January quantities bringing them 1.7m pounds over last year however 2.7m pounds under last YTD.
 
US pork to Mexico dropped 17.5m pounds from previously reported however remains at a strong level, with current exports 39.3m pounds over a year earlier and 46.6m over last year-to-date. US pork to Panama fell 680 thousand pounds in February though are up 392 thousand pounds over last year, while Japan slipped 394 thousand pounds on the month and is 1.1m pound under year-ago exports and 391 thousand pounds under last year-to-date.
 
 US pork imports for February fell 2.2m pounds or -2.2% from a month earlier and brings the latest imports 4.5m pounds or +4.9% over last year and 7.6m pounds or +4.1% above last YTD. Imports from Denmark fell 2.1m pounds on the month though is modestly under a year earlier, while imports from Canada were down 1.0m pounds from last reported and is 3.0m pounds under a year-ago. For comparison, the US imported 17.9m pounds more pork from Canada than it exported to the country in the month of February.

  April 16, 2024

Weekly Hog Price Recap

Cash hogs declined throughout much of the week, with regional cash unreported Monday, however a strong jump in cash hogs Tuesday helped monitored prices average above the previous week. CME cash improved daily on moderate moves higher throughout the week. Most wholesale pork primal values improved, only ribs averaged modestly lower, with US pork cutout up $3.85/cwt over the previous week's average.

Monitored Canadian hog markets recorded notably strong moves higher, generally up $9-$12/hog higher while those on delayed base pricing were up as well though significantly less. Ontario hogs were up the most, jumping $12/hog, followed by those out of Hylife which were up $10.15/hog above the week previous. Quebec hogs improved $9/hog while the ML Sig 4 was up $8.80/hog. The OlyW 20 improved $5.50/hog while the OlyW 21 was up $4.10/hog, and BC4/TC4 increased $1.85/hog. In the US, Tyson hogs jumped $12.10/hog while JM hog values rose $11.10/hog from a week earlier.
 

Weekly Hog Margins

Monitored Canadian hog margins strengthened on another jump in hog values, while feed costs increased moderately. Canadian farrow-to-finish feed costs increased $0.70/hog, while those in the monitored US region declined $0.40/hog from the week previous.

Ontario hog margins continue especially strong compared to other monitored Canadian margins, strengthening $11.25 to $40.45/hog profits on the week. Hylife improved $9.45 to $35.35/hog profits, while ML Sig 4 margins were up $8.10 to $34.70/hog profits. OlyW 20 improved $4.75 to $30.20/hog profits, while margins out of Quebec strengthened $8.35 to shy of $26/hog profits and OlyW 21 margins were up $3.40 to $18.90/hog profits. In the US, Tyson hog margins strengthened $12.50 to $48.15/hog profits while JM margins strengthened another $11.50 to $47/hog profits for the week.
 

US Regional Margins

• Tyson: $ 48.16 USD X 1.3658 = $ 65.78 in Canadian Dollars
• Morrell: $ 46.92 USD X 1.3658 = $ 64.09 in Canadian Dollars    

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