Weekly Hog Market Overview – Week Ending February 7, 2025

The hog market continues to reflect strong trends in both pricing and supply, with steady demand across Canada and the U.S. Here’s a breakdown of key updates from this week’s report:

Ontario Market Trends

• Base Formula Price: $220.46/cwt (↑ from $216.08 last week, significant increase from $179.94 last year).
• Average Dressed Price: $250.36/cwt.
• Market Hogs Sold: 122,306 head, 7% higher than last year.
• Weaned Pig Value: $57.32, reflecting a rise in feeder pig valuations at $90.94 per head.

Canadian Market Insights

• Quebec Pool Price: $214.78/cwt (↑ from $210.84).
• Manitoba Hog Value: $224.89/cwt (steady increase).
• Hog Slaughter: 428,150 head, up 2% from last year.
• Canadian Dollar Strengthens: Closing at $0.6994 USD, up from $0.6904 last week, which could impact exports.

U.S. Market Updates

• Federally Inspected Slaughter: 2.54 million head, down 3% from last year.
• Sow Slaughter: 60,089 head, reflecting a drop of 14.9% from last year.
• Early Weaned Pig Prices: Weighted average of $78.87 per head (mixed movements in formula vs. cash-based pricing).
• CME Lean Hog Futures:
  • February 2025 closed at $87.25/cwt (up from $84.18 last week).
  • April 2025 contracts at $92.15/cwt, showing strong market confidence.
• USDA Pork Cutout Value: $95.01/cwt, continuing a positive trend from last week.

Key Takeaways:

• Ontario’s market remains strong, with continued price increases.
• Sow slaughter is down, reflecting potential herd retention or lower culling rates.
• U.S. slaughter is slightly down, but pork cutout values are rising.
• Futures pricing remains bullish, indicating optimism in demand and pricing through mid-2025.