As February comes to a close, the hog market remains dynamic, with notable shifts in pricing, slaughter numbers, and producer trends. The latest Weekly Hog Market Facts report provides key insights into market movements across Ontario, Canada, and the U.S., offering producers a comprehensive snapshot of industry conditions.
📈 Ontario Hog Market Trends
The Ontario 100% Base Formula Price continued its upward trend, reaching $232.22/cwt for the final week of February, significantly higher than $196.10/cwt in the same period last year.
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Dressed Weight Prices:
- Average: $269.91/cwt
- Low: $237.59/cwt
- High: $295.53/cwt
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Weaned & Feeder Pig Prices:
- Weaned Pig Value: $60.38 per pig (26% of base formula price)
- Feeder Pig Value: $95.79 per pig (41.25% of base formula price)
While market hog sales dipped slightly to 102,314 head, this was still 100% of last year’s total, suggesting steady demand.
🇨🇦 Canadian Hog Market Overview
The Canadian national hog slaughter saw a week-over-week decline, with 390,440 head processed, down from 427,294 head the previous week. However, year-over-year slaughter rates remain slightly up at 101% of last year’s total.
- Quebec Pool Price: $217.54/cwt
- Manitoba Hog Value: $237.80/cwt
- Canadian Dollar Exchange Rate: $0.6926 USD (down from $0.7039 the previous week)
A weaker Canadian dollar may provide some export advantages but also reflects economic uncertainty.
🇺🇸 U.S. Hog Market Trends
The U.S. federally inspected slaughter stabilized at 2.538 million head, on par with last year. However, sow slaughter rates dropped by 9.4%, continuing the trend of herd reductions.
- Early Weaned Pigs (Weighted Average Price): $70.19 per pig, down from $76.90 last week.
- 40-Pound Feeder Pigs: $109.15 per pig, reflecting a slight pullback from recent highs.
- USDA Pork Carcass Cutout Value: $98.02/cwt, maintaining stability.
CME Lean Hog Futures declined, with April 2025 contracts closing at $83.68/cwt, down from $87.68/cwt the previous week. The market remains cautious about demand and supply adjustments.
📊 Feed & Input Costs
- Corn Prices (Chicago – May 2025): $4.6950/bushel, a decline from $4.9125 the previous week.
- Soybean Meal Prices (Hamilton): $485.25/tonne, continuing a downward trend.
- DDGS (Distillers Dried Grains): $285.00/tonne, up from $280.00, reflecting tightening supply.
Lower corn and soybean meal prices may help mitigate feed costs, providing some relief for producers.
🔍 Market Outlook & Key Takeaways
- Ontario hog prices continue to trend higher, driven by demand strength.
- Feeder and weaned pig values are fluctuating, impacted by cost pressures.
- U.S. sow slaughter declines suggest further supply adjustments, which could support future prices.
- Lower feed costs offer some relief but remain volatile.
- Lean hog futures are under pressure, reflecting uncertainty in market demand and global trade conditions.
With market dynamics shifting, producers should closely monitor pricing trends, feed costs, and supply chain changes in the coming weeks.
For continued updates, visit Swine Web.
