Except for beef packer and feedlot placement margins, cattle and hog industry profits were broadly lower last week with the pork industry seeing the most pronounced weakness. Pork packer margins drifted lower on weaker pork values and despite slightly lower hog purchase costs. Last week’s declines in hog futures sent farrow-to-finish and wean-to-finish hog producer margins sharply lower as forward price expectations fell $4-5/cwt. Forward-looking margins for this week’s farrowing or placements are deeply negative and will likely start to incentivize reduced production. Closeout hog margins dipped from the prior week but remain positive, thanks to reduced feed costs.  In the beef sector, ...

TAGS – Livestock, North America