North American hog markets continued to face pressure during the week ending September 25, with Ontario hog prices extending their late-summer decline while U.S. slaughter volumes increased and soybean meal costs moved sharply higher.
Ontario Hog Prices Continue Lower
Ontario’s 100% Base Formula Price fell to $209.96/c kg, down from $215.39 the previous week and $231.24 four weeks earlier. The year-over-year comparison remains particularly significant, with the same formula price sitting at $263.86 during the comparable week in 2025.
Pig values followed the hog market lower. The Ontario weaned pig value declined to $54.59 per pig, while the feeder pig value dropped to $86.61 per pig.
Canadian Dollar Adds Another Market Variable
The Canadian dollar finished the week at US$0.7070, down from US$0.7142 the previous Friday and US$0.7200 four weeks earlier.
Quebec’s pool price also continued its decline, reaching $192.49/c kg, compared with $193.52 the previous week and $210.85 on August 28.
U.S. Slaughter Moves Higher
U.S. federally inspected hog slaughter was estimated at 2.552 million head, up from 2.484 million the previous week and equal to 101% of the comparable year-earlier level.
At the same time, the CME Constructed Price declined to US$82.35/cwt, compared with $85.31 the previous week and $92.14 four weeks earlier.
The USDA pork carcass cutout was comparatively steadier week over week at US$87.31/cwt, versus $87.63 the previous week. However, it remained well below the $112.42/cwt reported for the comparable week last year.
Early-Weaned Pig Prices Slide
The U.S. weighted average early-weaned pig price dropped again, reaching US$29.21 per pig, compared with $32.82 the previous week and $44.57 on August 28.
Cash-based early-weaned pigs fell even further to US$25.40 per pig.
Forty-pound cash feeder pigs moved in the opposite direction for the week, increasing to US$50.59 per pig from $47.64.
Lean Hog Futures Stabilize After Recent Losses
Nearby lean hog futures showed relatively little movement Friday after the previous week’s decline.
October 2026 lean hogs closed at US$78.23/cwt, compared with $78.10 the previous Friday. December closed at $69.03, February 2027 at $70.33 and April at $75.93.
Further out, June 2027 closed at $89.25 and July at $91.23.
Soybean Meal Jumps
Feed markets delivered another concern for producers.
Chicago December corn finished at US$5.2825/bushel, little changed from $5.2750 the previous week. November soybeans increased to US$13.19/bushel.
The biggest move came in soybean meal. The reported Hamilton price climbed to $665.70/tonne, up from $624.58 the previous week and $575.64 on August 28 — an increase of roughly $90 per tonne in four weeks.
DDGS also continued higher, reaching $300/tonne, compared with $285 the previous week and $260 four weeks earlier.
SwineWeb Market Takeaway
The final week of September presented producers with pressure on both sides of the margin equation. Hog prices have continued to move lower from late-August levels, while important feed ingredients — particularly soybean meal and DDGS — have become considerably more expensive.
U.S. slaughter moving above 2.5 million head adds another number worth watching as the industry moves deeper into the traditional fall production period.
For Ontario producers, the combination of a $209.96 base formula price, sharply higher soybean meal costs and a Canadian dollar near US$0.71 provides the key market backdrop heading into October.
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