Week Ending November 28, 2025
Presented for OMAFRA by Swine Web
Ontario hog markets continued their late-fall softening trend in the week ending November 28, with formula prices, cutouts, and feeder pig values all posting declines. Here are the key developments producers need to know.
Ontario Market Prices Slide Again
The 100% Base Formula Price dropped to $209.29/ckg, down from $218.13 the previous week — its lowest level in several weeks. Average dressed hog pricing settled at $259.22/ckg, with highs of $288.87 and lows of $226.11.
Weekly dressed weight averaged 108.54 kg, and total hog marketings reached 118,407 head, a strong figure relative to this time last year.
Weaned and feeder pig prices softened alongside formula declines:
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Weaned pigs: $54.42
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Feeder pigs: $86.33
Canadian Slaughter Strong; Provincial Prices Ease
Canadian hog slaughter remained robust at 456,721 head, well above year-ago levels.
Provincial prices reflected the broader softness:
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Quebec Pool: $205.10/ckg
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Manitoba Hog Value: $229.20/ckg
The Canadian dollar strengthened to US$0.7154, its firmest close in several weeks.
U.S. Market: Holiday Week Impacts Slaughter
U.S. federally inspected slaughter fell sharply to 2.16 million head due to the shortened Thanksgiving week.
Piglet markets held firm:
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Early-weaned pigs: ~$61.50/head
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40-lb feeders: ~$82.78/head
The CME Constructed Price eased to $82.29, continuing a mild downward trend across November.
Cutout values held relatively stable at $93.63.
Futures Show Modest Support
Lean hog futures saw slight strength heading into December:
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December 2025: $80.60
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February 2026: $81.00
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April 2026: $84.90
Summer 2026 futures remain the most optimistic, holding in the mid- to upper-$90s.
Cutout futures were mixed but stable, with June–August 2026 still trading above $106/cwt.
Feed Costs Edge Higher
Feed markets showed a mixed pattern:
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Corn (Mar ’26): $4.48/bu — higher
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Soybean meal: $527.69/tonne — slightly lower
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Corn (farm level): $235.32/tonne
Western Ontario feed corn posted a notable month-end increase to $258.94/tonne.
Cross-Border Pig Flow
U.S. imports of Canadian pigs declined sharply during the holiday week:
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Feeder pigs: 96,438 head
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Market pigs: 29,854 head
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Sow/boar imports: 5,417 head
These reductions reflect both holiday scheduling and supply adjustments across North America.
Bottom Line for Producers
Ontario hog prices softened again heading into December, influenced by seasonal cooling, lighter U.S. slaughter weeks, and weight trends. While deferred futures offer some optimism for mid-2026, near-term pressure is likely to continue until packer demand strengthens and weights rebalance.
Swine Web will continue to track and summarize weekly trends as they develop across Ontario and North America.
