Summary:
The latest Weekly Hog Market Facts report, compiled by Jaydee Smith, Swine Specialist at OMAFA, provides an overview of market trends as of August 23, 2024. The report highlights several key trends:
- Ontario Market Prices: The 100% Base Formula Price in Ontario has continued to decline, reaching $218.99 per ckg, down from $224.03 the previous week. This marks a significant decrease compared to the same period last year, when the price was $237.51 per ckg.
- Market Hogs Sold: The number of market hogs sold in Ontario for the week ending August 23rd was 113,619, representing a 106% increase compared to the same week last year.
- Feeder Pig Values: The value of feeder pigs has also decreased, with the average price dropping to $90.33 per pig, down from $92.41 the previous week.
- Canadian Market Trends: Nationally, the Quebec Pool Price and Manitoba Calculated Hog Value both saw declines, reflecting a broader trend across the Canadian market. The Quebec Pool Price fell to $208.45 per ckg, while the Manitoba value dropped to $236.92 per ckg.
- US Market Dynamics: In the U.S., federally inspected slaughter numbers remain steady, with a slight year-over-year increase in early weaned pig prices. The CME Constructed Price for lean hogs decreased slightly to $88.95 per cwt, down from $90.21 the previous week.
- Feed Market Trends: The Ontario feed market experienced fluctuations, with Chicago corn prices dipping to $3.6775 per bushel, while soybean meal prices in Hamilton rose to $646.30 per tonne.
These trends indicate ongoing seasonal adjustments in the hog market, with prices reflecting the typical summer slowdown. Producers should continue monitoring market conditions closely as we move into the fall season.
