While U-S hog slaughter is running behind last year's levels, Ontario's pace continues to run ahead of last year.
OMAFRA's John Bancroft says U-S slaughter is running about 4 and a half per cent below last year for the same period.
Ontario market hog sales are up 2 point 7 per cent over last year.
Market weights in Ontario are running about 283 pounds, live weight.
American dressed weights are averaging about 212 pounds - up 6 from the same week last year.
Bancroft says the Ontario base market hog price average dropped just over 19 dollars per hundred kilograms last week.
He blames two things for that lower price - a more than 9 dollars per hundredweight drop in the CME Constructed Price weekly average and a slight increase in the value of the Canadian dollar.
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John Bancroft from OMAFRA, Weekly Hog Market Facts, November 3rd 2014
Trends This Week in the Market The Ontario Base Market Hog Price averaged $190.59 ckg, 100 index down $19.03/ckg from last week. The price reduction was the result of the US$9.07/cwt decrease in the CME Constructed Price weekly average price to US$93.93/cwt. and the slight increase of $0.02 cent in the Canadian dollar weekly average to 89.24 cents. Today’s Daily Prices are: Ontario Base Market Hog Price – C$185.11/ckg, 100 index CME Constructed Price – US$90.69/cwt. Noon-Hour Bank of Canada Canadian Dollar value – 88.69 cents The USDA Pork Cut-out Value averaged US$98.51 /cwt, down US$3.58/cwt. from last week with all the primals down except for bellies which were about even with last week. Ontario market hog sales year to date continue to be up 2.7% over last year. First quarter sales were up 2%, second quarter up 5% and third quarter is up 2.8%. Dressed weights continue to creep higher with this past week’s average at 102.64 kg. (approximately 128 kg. or 283 pounds live weight). US slaughter has averaged 2,172,653 head the last three weeks, 4.4% below last year for the same weeks. Dressed weights moved up a pound to 212 pounds which is 6 pounds above the dressed weight for the same week last year. Current daily movement in the pork cut-out, cash price, nearby futures and the historical seasonal patterns indicates next week’s price movement will be down.
