Weekly Regional HOG PRICE Report

Things to Consider…

          US retail pork prices in March were higher both on the month and compared to a year earlier. Bacon prices improved +2.6% to $6.98/lb which is up +5.6% over last year, while chops were up +2.7% in the latest data to $4.34/lb and +2.0% over year-ago prices. Retail hams improved +1.5% to $4.50/lb from the previous month and +0.5% compared to a year earlier, while the category accounting for all other pork was up +2.7% from February to $3.73/lb and brings the category +1.4% over year-ago prices. Monthly wholesale pork primal values were primarily improved however a notable decline in bellies weighed down overall carcass values, with the average US pork cutout for March down -0.9% or $0.84 lower to $96.88/cwt which was up +4.0% or $3.76/cwt compared to year-ago values. Wholesale bellies dropped -9.5% or $15.01/cwt from February however were +14.3% or $18.01/cwt above a year earlier. Remaining primals were up on the month: loins were +2.2% higher than values recorded in February but -1.0% under year-ago values, butts improved +1.4% on the month but was -3.8% under last year, picnics rose +6.4% from February and +3.2% compared to a year earlier, ribs edged +0.1% on the month but were -12.8% compared to last year and hams were up +3.3% into March bringing them +11.8% over a year earlier.

         US retail beef prices rose in the month for March, holding above those reported for February as well as those recorded a year earlier. Uncooked ground was up +3.0% to $6.14/lb which is +11.11% over last year while roasts were unchanged at $7.99/lb bringing them +8.1% over a year earlier. Beef steaks were up +1.0% to $10.98/lb which is up +3.6% compared to a year earlier, while the category accounting for all other beef (not veal) prices climbed +0.5% higher to $7.20/lb and is +2.3% over year-ago prices. Wholesale beef values improved overall in March with choice cutout up $5.62 or +1.8% to $323.82/cwt and $14.44 or +4.7% over a year earlier, while select cutout edged +0.4% or $1.22 higher on the month to $309.55/cwt and up +3.2% or $9.66 over last year.

         US retail broiler prices at $2.45/lb for March were up +0.9% on the month and +0.8% over a year earlier, while wholesale broiler values for the same period dropped -11.5% from a month earlier to $1.08/lb which is +1.0% over last year.

  April 22, 2025

Weekly Hog Price Recap

US cash hogs varied with regional cash unreported multiple days where national cash recorded lower prices. National cash averaged the week $0.98 lower to $84.35/cwt, the WCB was up $0.88 to $85.99/cwt and the ISM rose $1.23 to $86.50/cwt from a week earlier. CME cash slipped lower during the front-half of the week but improved the latter half, overall down $2.35 to $85.43/cwt. Wholesale pork primals were mixed however significantly higher bellies (+6.3%) and improved butt and hams values supported US pork cutout +0.7% or up $0.64 to $93.27 US/cwt from a week earlier.

Canadian hog prices continue to decline with the latest week generally down $9-$11 per hog, while markets derived from lagged base pricing were again down more lightly in comparison. Quebec hogs dropped $11.50/hog, followed by hogs out of Ontario which fell $10.25/hog. The ML Sig 4 declined $10.25/hog while Hylife hogs were $9.35/hog lower. Olymel prices were down around $7.70/hog in both the OlyW20 and OlyW21R2, while BP4/TC4 was $3.65/hog lower. In the US, Tyson hogs fell $6/hog while JM hogs improved $1.85/hog from the previous week.

Weekly Hog Margins

Monitored hog margins weakened overall on lower hog values. Feed costs did little to influence margins compared to the significantly lower hog values, as Canadian farrow-to-finish feed costs fell $0.65/hog while feed costs in the monitored US region were up $0.85/hog from a week earlier.

Hog margins off the OlyW 20 weakened $7.10 to $44.45/hog profits, followed by those out of Ontario and ML Sig 4 which each weakened $9.60 with Ontario at $37.85/hog profits and ML Sig 4 at $37.65/hog profits out of Brandon and $33.35/hog profits out of Lethbridge. Hylife hog margins fell $8.70 to $35.15/hog profits, while OlyW 21 margins were down $7.05 to $28/hog profits and those out of Quebec weakened $10.85 to $24/hog profits. In the US, Tyson hog margins declined $6.80 to $44/hog profits while JM margins improved $1 to $40.45/hog profits.
 

US Regional Margins

• Tyson: $ 43.95 USD X 1.3891 = $ 61.05 in Canadian Dollars
• Morrell: $ 40.47 USD X 1.3891 = $ 56.22 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.