Weekly Hog Market Update: Declining Prices and Lower Slaughter Volumes – November 29, 2024

By
Jim Eadie
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The week ending November 29, 2024, saw continued price declines across key hog markets. Ontario’s 100% Base Formula Price dropped to $217.03/ckg, accompanied by reduced market hog sales at 109,361, just 98% of last year’s levels. In Canada, hog slaughter volumes decreased to 418,037, while the Quebec Pool Price fell to $205.43/ckg.

U.S. markets faced significant challenges, with federally inspected slaughter dropping to 85% of 2023 levels and pork carcass cutout values declining to $90.93/cwt. Meanwhile, early weaned pig prices and feeder pig prices saw slight increases, indicating positive demand in specific segments.

Feed costs rose modestly, with Western Ontario Feed Corn reaching $238.83/tonne. These shifts highlight ongoing market volatility amid evolving production and demand dynamics.

Ontario Market

  • 100% Base Formula Price: Declined to $217.03/ckg (from $221.76 last week).
  • Average Dressed Weight: Slightly increased to 107.28 kg.
  • Market Hogs Sold: Decreased to 109,361 (98% of last year’s numbers).
  • Weaned Pig Value: Dropped to $56.43/pig.
  • Feeder Pig Value: Declined to $89.52/pig.

Canadian Market

  • Hog Slaughter: Total slaughter was 418,037 (94% of last year’s levels).
  • Quebec Pool Price: Decreased to $205.43/ckg.
  • Canadian Dollar: Closed at $0.7138 USD, down from $0.7154 last week.

U.S. Market

  • Federally Inspected Slaughter: Total of 2,293,000 hogs, only 85% of the previous year’s volume.
  • Early Weaned Pigs: Increased in cash-based average to $59.87/pig.
  • 40-Pound Feeder Pigs: Cash-based average rose to $78.07/pig.
  • USDA Pork Carcass Cutout Value: Declined to $90.93/cwt.

Futures Markets

  • CME Lean Hog Futures (Dec 2024): Slight increase to $82.08/cwt.
  • CME Pork Cutout Futures (Dec 2024): Increased slightly to $92.30/cwt.

Ontario Feed Market

  • Chicago Corn (Mar ’25): Rose to $4.33/bushel.
  • Soybean Meal: Slightly decreased to $519.31/tonne.
  • Western Ontario Feed Corn: Increased to $238.83/tonne.

U.S. Imports from Canada

  • Feeder Pigs: Total imports were 76,126 pigs.
  • Market Pigs: Increased slightly to 29,975 pigs.
  • Sows & Boars for Slaughter: Decreased to 5,293 animals.

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