Weekly Swine Market Highlights for Week Ending December 27, 2024

By
Jim Eadie
-

Market Overview
The week ending December 27, 2024, showed strength in the Ontario and U.S. hog markets despite seasonal fluctuations. Ontario’s base formula price closed at $221.16/cwt, a steady climb compared to the previous weeks, and significantly higher than the $156.72/cwt recorded during the same period last year. Meanwhile, U.S. federally inspected slaughter numbers dipped to 2,051,000 head, representing 92% of the previous year’s levels.

Ontario Market Highlights

  • Base Formula Price: $221.16/cwt, continuing an upward trend.
  • Average Dressed Weight: 107.17 kg, holding steady with minimal fluctuation over recent weeks.
  • Weaned Pig Value: $57.50, reflecting a small but consistent increase.
  • Feeder Pig Value: $91.23, up from $89.99 the prior week.

U.S. Market Highlights

  • Early Weaned Pig Prices: Cash-based prices averaged $76.72, showing strong growth week-over-week.
  • Feeder Pig Prices: Cash-based average was $88.19, holding steady.
  • USDA Pork Carcass Cutout Value: Closed at $95.13/cwt, maintaining a robust position compared to the same week in 2023.

Canadian Market Insights

  • Hog Slaughter: 428,569 head, slightly below average but up 7% compared to last year’s levels.
  • Manitoba Hog Value: $229.55/cwt, continuing to lead Canadian provinces in pricing.
  • Canadian Dollar: Closed at $0.6937 USD, down slightly from last week, contributing to competitive export opportunities.

Feed Market Highlights

  • Corn Prices: Chicago corn futures for March 2025 settled at $4.54/bushel.
  • Soybean Meal: Prices climbed to $530.11/tonne, reflecting heightened demand and seasonal trends.
  • Western Ontario Feed Corn: Reached $253.83/tonne, signaling incremental increases in feed costs.

Industry Focus: Trends to Watch in 2025

  1. Rising Feed Costs: As feed markets show upward trends, producers will need strategies to optimize feeding efficiency.
  2. Sustained Pork Demand: Domestic and international pork prices remain strong, presenting opportunities for growth.
  3. Fire Prevention Innovations: Infrastructure investments, such as those from Ag Property Solutions, may address critical challenges like facility safety.

Stay tuned to Swine Web for the latest market updates, industry trends, and expert insights to guide your 2025 strategies.

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