Hog prices strengthen across Ontario and U.S. markets as summer futures rally and feed costs show mixed movement.
As hog producers head into the final stretch of February, North American markets showed modest but broad-based strength according to the latest OMAFA Weekly Hog Market Facts report for the week ending February 20, 2026.
The data highlights firmer hog prices, stronger futures, and mixed feed costs, offering producers both opportunities and new cost-pressures.
Ontario’s 100% Base Formula Price increased to $216.22/ckg, up from $212.99/ckg the previous week — a 1.5% gain. Despite the week-over-week momentum, the price still sits 7.1% below the same week last year ($232.79/ckg).
Average dressed weights and some provincial slaughter data were not yet available for the Feb. 20 report.
U.S. Hog and Pork Values Improve
U.S. pricing also showed stability. The CME Constructed Price gained nearly one percent to reach $87.49/cwt, while the USDA pork cutout climbed to $96.04/cwt, up 0.9% from the week prior. Both remain below year-ago levels, reflecting the broader protein market’s weaker pricing environment compared to 2025.
Estimated federally inspected slaughter reached 2.516 million head, slightly above the same period last year. Consistent throughput is helping maintain stability in carcass values.
Strong Demand for Early-Weaned and Feeder Pigs
Demand for small pigs remains robust. Early-weaned pig prices surged to US$99.70/head, up more than 10% week-over-week, while 40-lb feeder pig prices rose to US$126.61/head, a two percent increase. These gains reflect strong finishing-barn interest and seasonal tightening in supply.
Lean Hog Futures Rally Across All Summer Contracts
Lean hog futures posted one of their strongest weeks of 2026. Key summer contracts rose between 2.6% and 3.4%, offering improved hedging opportunities:
- April 2026: $93.68 (+2.63%)
- June 2026: $107.83 (+3.14%)
- July 2026: $109.85 (+3.39%)
- August 2026: $108.80 (+3.34%)
- October 2026: $91.10 (+3.37%)
This upswing strengthens the case for producers to consider layered risk-management strategies heading into peak seasonal demand.
Feed Markets Mixed: Corn Softens, Soy Meal Firms
Feed costs delivered a mixed picture for the week:
- Chicago corn (Mar ’26) eased to US$4.275/bu (−1% WoW)
- Western Ontario feed corn edged down to $251.43/tonne
- Soybean meal (Hamilton) climbed to $504.65/tonne (+1.85% WoW)
- DDGS rose to $255/tonne +2% WoW)
While lower corn prices offered minor ration relief, rising soybean meal costs nudged overall feed costs higher.
Canadian Dollar Softens Slightly
The Canadian dollar slipped to US$0.7305, down 0.54% from the previous week but still 3.8% stronger year-over-year. A slightly weaker dollar provides modest support for Canadian hog returns, which are influenced by U.S. benchmarks.