Ontario Market Overview
The 100% Base Formula Price for hogs in Ontario continues its upward trend, reaching $225.99/cwt, marking a 6.98% increase from mid-January. Compared to last year, this price represents a substantial gain from $182.54/cwt.
- Average dressed weight remains stable at 109.08 kg.
- Market hog sales totaled 118,250 head, slightly lower than previous weeks but still 101% of last year’s volume.
- Weaned pig value increased to $58.76/pig, and feeder pig value rose to $93.22/pig, both benefiting from rising formula prices.
Canadian Market Highlights
Hog slaughter at federal and provincial plants remained steady at 437,027 head, showing no change from last year’s levels.
- Quebec Pool Price climbed to $222.03/cwt, reflecting stronger market conditions.
- Manitoba hog values edged higher to $229.64/cwt.
- The Canadian dollar strengthened to $0.7059 USD, marking its highest level this year, which may impact export competitiveness.
U.S. Market Trends
- Federally inspected hog slaughter was estimated at 2.54 million head, maintaining 100% of last year’s levels.
- Sow slaughter volumes declined by 13.4% year-over-year, suggesting possible herd stabilization.
- Early weaned pig prices showed a mixed trend:
- Weighted average: $78.01/pig
- Formula-based: $67.70/pig
- Cash-based: $83.20/pig
- 40-pound feeder pigs rose to $112.33/pig, reflecting stronger demand.
- CME Lean Hog Futures gained momentum:
- February contract closed at $89.48/cwt, up from $81.13 a month earlier.
- June and July contracts are holding above $104/cwt, indicating bullish sentiment.
- Pork Cutout Value increased significantly to $100.17/cwt, marking a 14% gain from last year.
Ontario Feed Market
- Chicago corn prices rose to $4.96/bushel, while soybean meal declined to $493.73/tonne.
- Ontario farm-gate corn prices increased slightly to $248.51/tonne, while Western Ontario feed corn held steady at $267.93/tonne.
- DDGS prices surged to $280/tonne, reflecting tighter supply conditions.
Imports from Canada to the U.S.
- Feeder pig exports from Canada totaled 90,954 head, with 71,721 head entering through Montana and North Dakota.
- Market hog exports stood at 31,061 head, primarily through Michigan and New York.
- Sows and boars for slaughter remained stable at 6,808 head.
Market Outlook
The continued strength in cash hog prices, futures, and pork cutout values suggests a bullish market heading into Q2 2025. Strong demand for feeder pigs and increasing formula prices indicate producers are positioning for profitability, despite ongoing feed cost volatility.
For more detailed insights and data, visit Swine Web.
