Weekly Hog Market Overview – Week Ending February 7, 2025

Feb 10, 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.

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