Things to Consider… The latest US Cold Storage numbers reported pork stocks at 455.8 million pounds for April, jumping +11.3% or 46.3m pounds from March which was revised -3.0% lower from 422.3m to 409.5m pounds. Compared to a year earlier, the latest pork stocks were down -8.7% or 43.5m pounds lower as most pork categories fell below year-ago levels. Current year-to-date stocks are down 188.4m pounds or -10.0% lower compared to the same period in 2024. Total ham stocks surged 25.6m pounds in April in a move considered seasonal, with the boneless variety rising 18.0m pounds and the bone-in up 7.6m pounds. Overall, total hams in cold storage were down 7.1m pounds or -7.5% compared to a year earlier which brought them +0.8% or 2.5m pounds over last YTD. The category accounting for Other Pork jumped 10.7m pounds or +28.9% higher on the month, bringing them 4.1m or -7.9% under a year earlier and -19.1% or 37.9m pounds under last YTD. Bellies in cold storage rose 5.0m or +9.2% pounds in April but were 17.1m pounds or -22.3% under supplies recorded for last year and -26.3% or 73.0m pounds under last year-to-date. Spare-ribs increased 2.3m pounds or +2.5% on the month, up 982 thousand pounds or +1.1% compared to a year earlier but 1.7m pounds or -0.5% under last YTD. Trimmings were up 1.3m pounds or +2.8% higher from March, bringing trimmings -2.4% or 1.1m pounds under last year and -0.9% or 1.7m pounds under last YTD. Increases to categories such as unclassified pork and bone-in picnics were up more moderately on the month, though compared to year-ago levels unclassified pork was -13.0% or 5.7m pounds lower and bone-in picnics were up +18.0% or 1.0m pounds compared to April 2024. Only loins and butts recorded lower stocks from March into April. Total loins declined 499 thousand pounds or -1.3% from March, with bone-ins down 1.6m pounds but the boneless variety up 1.1m pounds, with overall loins falling -4.8% or 1.9m pounds compared to a year earlier and -12.8% or 20.9m pounds lower than last YTD. Butts edged -0.7% or 128 thousand pounds on the month, bringing them -12.9% or 2.6m pounds under last year and -4.7% or 3.8m lower compared to last YTD. | May 27, 2025 
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Weekly Hog Price Recap US cash hogs improved for much the week however regional cash did go unreported some days. National cash was up $1.06/cwt over the previous week's average, while regional cash was mixed due to unreported days with the WCB up $1.27/cwt and the ISM down $0.89/cwt from a week earlier. CME cash improved daily with rises generally stable, up $1.61/cwt compared to the week previous. Most wholesale pork primals continued to improve, only bellies declined on the week, with US pork cutout +2.6% or $2.58 higher to $100.68 US/cwt from a week earlier.
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Canadian hog prices generally rose $3-$5 per hog higher, excluding those out of Quebec which were up a strong $9.45/hog. The OlyW 21 rose $5.70/hog and the OlyW 20 was $5.10/hog higher while Hylife improved $5.60/hog. BP4/TC4 was up $3.65/hog while the ML Sig 4 improved $3.60/hog and hogs out of Ontario were up $2.80/hog. In the US, Tyson hogs dipped $0.50/hog lower while JM hogs improved $2.65/hog from the previous week. 
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Weekly Hog Margins Monitored hog margins continue to strengthen on rising hog values. Feed costs moderately offset improved hog values with farrow-to-finish feed costs up $0.85-$0.90/hog on either side of the CAN-US border from a week earlier. Ontario hog margins improved shy of $2 to $61.55/hog profits, followed by those off the ML Sig 4 and those off the OlyW 20. The ML Sig 4 was up $2.75 to $58.60/hog profits out of Brandon and $54.50/hog profits out of Lethbridge, while OlyW 20 hog margins strengthened $4.30 to $58.40/hog profits. Hylife margins were up $3.75 to $57.15/hog profits while Quebec margins surged $8.60 higher to $51.15/hog profits and the OlyW 21 strengthened $4.90 to $41.30/hog profits. In the US, Tyson hog margins weakened $1.40 to shy of $66/hog profits while JM margins improved $1.75 to $62.40/hog profits.
US Regional Margins: - Tyson: $65.93 USD x 1.3852 = $91.33 CAD
- Morrell: $62.38 USD x 1.3852 = $86.41 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. |