The latest Weekly Hog Market Facts report highlights key developments in the hog markets across Ontario, Canada, and the U.S. for the week ending August 16, 2024.
Ontario Market:
- The 100% Base Formula Price dropped slightly to $224.03 per ckg, continuing a downward trend from the previous weeks.
- The average dressed weight of market hogs increased to 108.15 kg, with 92,335 hogs sold, which is 108% of the previous year’s sales.
- Weaned pig values decreased to $58.25 per pig, and feeder pig values fell to $92.41 per pig.
Canadian Market:
- The total hog slaughter for the week reached 392,855, consistent with last year’s figures.
- The Quebec Pool Price saw a slight decrease to $212.83 per ckg.
- The value of the Canadian dollar stabilized at $0.7296 USD.
U.S. Market:
- Federally inspected slaughter numbers saw an increase, reaching 2,512,000 hogs, up by 103% from the previous year.
- Sow slaughter continues to decline, showing a -6.8% change from the previous year.
- Early weaned pigs saw an increase in prices, with a weighted average of $30.49 per pig.
- CME Lean Hog Futures prices fluctuated slightly, with October 2024 closing at $75.08 per cwt.
Feed Market:
- Chicago Corn prices continued their decline, closing at $3.7050 per bushel.
- Chicago Soybeans followed suit, dropping to $9.5700 per bushel.
- Soybean meal prices decreased to $608.93 per tonne in Hamilton.
This report indicates a mixed market with some decreases in prices and weights, while other areas, such as slaughter numbers and pig prices, show resilience and slight increases. As the market continues to evolve, stakeholders should stay informed of these trends to navigate the challenges and opportunities ahead.
For detailed data and further insights, refer to the full report on OMAFRA’s blog.
