Weekly Regional HOG PRICE Report

Things to Consider…

         The Quarterly Hogs & Pigs report released March 27th reported decreased hog inventories from the previous quarter and compared to year-ago inventories. Notably, the latest report reflected lower inventories than market analysts' pre-report estimates. 

         All Hogs & Pigs were down -0.5% or 393 thousand head under the revised inventory reported for December, bringing the latest inventory 179 thousand under last year. Kept for Breeding declined -0.4% or 24 thousand from the total in December, which is 36 thousand under a year earlier. Market hogs were -0.5% or 369 thousand head lower than the previous quarter, which is down 144 thousand head under last year. Market hogs weighing 180+ pounds were down the most from last reported, -7.3% or 978 thousand head lower, however the 120-179 pound category increased +6.2% or 916 thousand head - effectively demonstrating shift between the two groups and both weight categories were within 55-60 thousand head compared to last year. The remaining two lighter groups were lower both on the quarter and compared to a year earlier, with 50-119 pounds edging 24 thousand head lower or -0.1% from last reported and 81 thousand down on the year while the under 50 pounds category fell 283 thousand head or -1.3% from the December report and was 68 thousand head under last year. 

         The March pig crop declined 1,054 thousand head or -3.0% from previously reported, bringing the pig crop 55 thousand head under year-ago levels. Pigs per litter fell -2.3% from the previous quarter to 11.65 pigs/litter in the latest period (with the previous quarter representing a historical high of 11.92 pigs/litter for the Sep-Nov period), which is +1.0% higher than last year.

Revisions, as stated on the report:

          “All inventory and pig crop estimates for March 2024 through December 2024 were reviewed using final pig crop, official slaughter, death loss, and updated import and export data. The revision made to the December 2024 all hogs and pigs inventory was 1.2 percent. A revision of 1.4 percent was made to the September 2024-November 2024 pig crop. The net revision made to the September 2024 all hogs and pigs inventory was 1.3 percent. A net revision of 0.1 percent was made to the June-August 2024 pig crop. The net revision made to the June 2024 all hogs and pigs inventory was 0.5 percent. A net revision of 0.8 percent was made to the March-May 2024 pig crop.”

  April 8, 2025

   
  


Weekly Hog Price Recap

US cash hogs averaged lower overall with much of the week's daily moves recorded lower outside of a mid-week improvement Wednesday in monitored cash prices. National cash was down $0.56 to $87.40/cwt, the WCB $0.52 lower to $88.37/cwt and the ISM was down $0.43 to $88.37/cwt from a week earlier. CME cash averaged lower as well, however daily moves started higher early-week and then declined daily the latter half of the week, with the latest average $0.34 lower to $88.61/cwt. Wholesale pork primals were lower excluding butts which improved +1.2%, with the overall declines weighing US pork cutout -1.1% or $1.04 lower to $95.35 US/cwt from a week earlier.


 

Canadian hog prices generally fell around $1-$2 per hog on the week. Quebec hogs were down the most, falling $2.30/hog, followed by Ontario hogs which were down $1.65/hog. Hylife hogs as well as the lag-based BP4/TC4 were each down $1.30/hog while the ML Sig 4 fell $1.15/hog, the OlyW 20 was $1/hog lower and the OlyW 21 R2 declined $0.50/hog. In the US, Tyson hogs fell $1.30/hog while JM hogs were down $1.10/hog from the previous week.

 

Weekly Hog Margins

Monitored Canadian hog margins varied on lower hog values overall which were offset by a moderate reduction in feed costs. Canadian farrow-to-finish feed costs dropped $1.60/hog while those in the monitored US region climbed $0.35/hog from a week earlier.

Hog margins off the OlyW 20 improved $0.60 to $53.45/hog profits, followed by those out of Ontario which were marginally unchanged, down $0.04 at $52.80/hog profits. ML Sig 4 hog margins were up $0.45 to $50.40/hog profits out of Brandon and $46.25/hog profits out of Lethbridge, while Hylife margins edged $0.25 higher to $47.45/hog profits. Hog margins out of Quebec weakened $0.70 higher to $40.05/hog profits, while OlyW 21 margins strengthened $1.10 to $36.85/hog profits. In the US, Tyson hog margins fell $1.65 to $56.40/hog profits while JM margins declined $1.40 to $46.75/hog profits.
 

US Regional Margins

  • Tyson: $ 56.41 USD X 1.4266 = $ 80.47 in Canadian Dollars
  • Morrell: $ 46.75 USD X 1.4266 = $ 66.69 in Canadian Dollars


 



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