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Hog margins deteriorated in the first half of August as hog prices fell while feed markets held steady. Weekly slaughter was 2.372 million head, slightly above 2023, and producer-owned hog weights were up 2% year over year.
Pork exports to Mexico rose 4% year to date through June, while exports to Japan, Canada and China declined.
Heavier hogs and steady slaughter add to pork supply, pressuring prices even as cheaper feed helps margins. Weaker demand from Japan, Canada and China is a headwind for hog prices.
swineweb.comJim EadieAug 19, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Hog margin commentary reports hog prices falling in the first half of August with slaughter above last year and heavier weights, indicating ample supply pressure on futures.
