Compiled by Jaydee Smith, OMAFRA Swine Specialist
Ontario hog markets continued to trend lower heading into mid-October, with prices pulling back for a second consecutive week as seasonal pressure and softer U.S. values weighed on the market.
Ontario Market Overview
The 100% Base Formula Price declined to $246.49/ckg, down from $254.09 the previous week, marking the lowest level since early summer. However, prices remain significantly stronger than the same period last year, when values averaged $209.42/ckg.
Market hog volumes totaled 116,757 head, with throughput holding at 104% of last year’s pace, indicating steady movement despite price softening. The average dressed weight dipped slightly to 107.55 kg, remaining in line with seasonal norms.
Weaned and feeder pig values continued to move lower in response to the base price decline, with weaned pigs averaging $64.09/head and feeder pigs at $101.68/head.
Canadian Market Signals
Canadian slaughter totaled 415,671 head, down slightly from the previous week. Provincial hog values were lower across major producing regions:
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Quebec price: $227.76/ckg
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Manitoba value: $259.61/ckg
The Canadian dollar slipped to US$0.7125, extending its downward trend and offering modest support to export competitiveness.
U.S. Market Conditions
U.S. hog prices saw additional downward adjustment, with the CME Constructed Price falling to US$96.97/cwt, reflecting seasonal supply pressure. Pork cutout values also eased to US$102.84/cwt.
Early-weaned pig prices continued higher, averaging US$64.68, while 40 lb feeder pigs edged up to US$80.27, indicating firm interest in forward finishing despite current market headwinds.
Feed Market Update
Feed costs provided limited relief:
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Chicago corn: US$4.225/bu, up slightly from the previous week
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Soybean meal (Hamilton): $480.62/tonne
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Western Ontario corn: $256.88/tonne
While costs remain elevated, overall feed pricing has stabilized, easing some pressure on production margins.
Futures Outlook
Lean hog futures continued to soften across deferred contracts, reflecting bearish supply expectations into 2026:
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December 2025: US$82.38/cwt
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June 2026: US$99.63/cwt
Pork cutout futures followed a similar downward trend.
At a Glance
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Ontario base price: down $7.60/ckg from last week to $246.49
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Marketings: 116,757 head, 104% of last year
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Weaned pigs: $64.09/head; feeder pigs $101.68/head
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Canadian dollar: US$0.7125
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U.S. hog prices: lower with CME at US$96.97/cwt
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Feed costs: stable to slightly higher
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Futures: trending lower amid ongoing market pressure
