Weekly Hog Market Report – Week Ending February 14, 2025

Feb 24, 2025

Ontario Market Overview

The 100% Base Formula Price for hogs in Ontario continues its upward trend, reaching $225.99/cwt, marking a 6.98% increase from mid-January. Compared to last year, this price represents a substantial gain from $182.54/cwt.

Average dressed weight remains stable at 109.08 kg.
Market hog sales totaled 118,250 head, slightly lower than previous weeks but still 101% of last year’s volume.
Weaned pig value increased to $58.76/pig, and feeder pig value rose to $93.22/pig, both benefiting from rising formula prices.

Canadian Market Highlights

Hog slaughter at federal and provincial plants remained steady at 437,027 head, showing no change from last year’s levels.

Quebec Pool Price climbed to $222.03/cwt, reflecting stronger market conditions.
Manitoba hog values edged higher to $229.64/cwt.
The Canadian dollar strengthened to $0.7059 USD, marking its highest level this year, which may impact export competitiveness.

U.S. Market Trends

Federally inspected hog slaughter was estimated at 2.54 million head, maintaining 100% of last year’s levels.
Sow slaughter volumes declined by 13.4% year-over-year, suggesting possible herd stabilization.
Early weaned pig prices showed a mixed trend:
- Weighted average: $78.01/pig
- Formula-based: $67.70/pig
- Cash-based: $83.20/pig
40-pound feeder pigs rose to $112.33/pig, reflecting stronger demand.
CME Lean Hog Futures gained momentum:
- February contract closed at $89.48/cwt, up from $81.13 a month earlier.
- June and July contracts are holding above $104/cwt, indicating bullish sentiment.

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