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Weekly Hog Market Update: August 9, 2024

The latest hog market data for the week ending August 9, 2024, reveals mixed trends across the Ontario, Canadian, and U.S. markets:

Ontario Market:

  • The 100% Base Formula Price saw a slight dip, closing at $231.22 per ckg.
  • Average dressed weight increased to 105.75 kg.
  • Weaned pig value reached $60.12, and feeder pig value was at $95.38.
  • The number of market hogs sold increased by 4% compared to the previous year.

Canadian Market:

  • The Quebec Pool Price dropped slightly to $222.60 per ckg.
  • The value of the Canadian dollar showed a slight improvement to $0.7282 USD.
  • Hog slaughter numbers remained stable, aligning with the previous year’s figures.

U.S. Market:

  • Federally inspected slaughter numbers were steady at approximately 2.37 million hogs.
  • Sow slaughter saw a significant decline, down by 10.1% compared to last year.
  • The CME Constructed Price closed at $92.71 per cwt, while the USDA Pork Carcass Cutout Value decreased to $100.49 per cwt.

Feed Market:

  • Corn and soybean prices continued to soften, with Chicago corn at $3.7675 per bushel and soybeans at $10.0250 per bushel.
  • Soybean meal prices eased to $630.20 per tonne.

These insights reflect the ongoing challenges and fluctuations in the swine industry, emphasizing the need for producers to stay informed and adaptable in these dynamic market conditions.

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The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.