040211 Weekly Hog Price Summary

February 20, 2004 (based on price data by University of Missouri) - Terminal cash hog prices this Friday morning were from $0.50 to $2.25 below a week earlier. These prices for select markets were: Peoria $40.00 per cwt, St. Paul $41.00, Sioux Falls $N/A and interior Missouri $42.25.

The average weighted prices for 185# carcasses with 0.9-1.1 inch-back fat 6 square-inch loin 2 inches deep were $0.71 to $1.25 below 7 days earlier. These prices by area for Friday morning were western Cornbelt $60.53 per cwt, eastern Cornbelt $61.51, Iowa-Minnesota $60.37 and nation $60.82.

Hog slaughter at 1.896 million head this week under Federal Inspection was one of the smallest for a non-holiday week this year. However, it was still 1.1% above the same week last year.

Pork products. Demand for loins and Boston butts faltered this week with prices for quarter-inch trim loins at $110.91 per cwt at noon Friday --- down $17.58 per cwt for the week. Boston butts with quarter- inch trim at $69.91 per cwt compared to $79.00 a week earlier. Hams weighing 17-20# were $56 per cwt compared to $55 per cwt 7 days earlier and 14-16# bellies at $95 per cwt compared to $93 per cwt the previous Friday.

Feeder pig prices were from $5-7 per cwt higher this week at United Producers Tel-O-Auction than 2 weeks earlier. The prices by weight groups at United this week were: 40-50# $91-100 per cwt, 50-60# $81.50-100.50, 60-70# $78-81.50 and 70-80# $78. Early weaner pig prices have already started slipping seasonally.

Note: Ag Canada released their Hogs and Pigs Report for January 1 this week and it was not positive for the North American hog prices for this year. The farrowing intentions for Canada were up over 6% for the first 2 quarters of 2004 compared to 2003. Farrowings for the fourth quarter of 2003 in the U.S. and Canada combined were up 2.5% from 2002, for the first quarter of 2004 up 2.7% and the second quarter up 0.4% compared to a year earlier.


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