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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