The hog market continues to reflect strong trends in both pricing and supply, with steady demand across Canada and the U.S. Here’s a breakdown of key updates from this week’s report:
Ontario Market Trends
- Base Formula Price: $220.46/cwt (↑ from $216.08 last week, significant increase from $179.94 last year).
- Average Dressed Price: $250.36/cwt.
- Market Hogs Sold: 122,306 head, 7% higher than last year.
- Weaned Pig Value: $57.32, reflecting a rise in feeder pig valuations at $90.94 per head.
Canadian Market Insights
- Quebec Pool Price: $214.78/cwt (↑ from $210.84).
- Manitoba Hog Value: $224.89/cwt (steady increase).
- Hog Slaughter: 428,150 head, up 2% from last year.
- Canadian Dollar Strengthens: Closing at $0.6994 USD, up from $0.6904 last week, which could impact exports.
U.S. Market Updates
- Federally Inspected Slaughter: 2.54 million head, down 3% from last year.
- Sow Slaughter: 60,089 head, reflecting a drop of 14.9% from last year.
- Early Weaned Pig Prices: Weighted average of $78.87 per head (mixed movements in formula vs. cash-based pricing).
- CME Lean Hog Futures:
- February 2025 closed at $87.25/cwt (up from $84.18 last week).
- April 2025 contracts at $92.15/cwt, showing strong market confidence.
- USDA Pork Cutout Value: $95.01/cwt, continuing a positive trend from last week.
Key Takeaways:
- Ontario’s market remains strong, with continued price increases.
- Sow slaughter is down, reflecting potential herd retention or lower culling rates.
- U.S. slaughter is slightly down, but pork cutout values are rising.
- Futures pricing remains bullish, indicating optimism in demand and pricing through mid-2025.
For more detailed insights and full data tables, visit onswine.wordpress.com.
