Last year, this milestone wasn't passed until the first week in December. In Quebec, market hog sales dropped off 1,000 from the previous week, resting at 128,542 head. American hog runs will likely top 2 million for the eighth week in a row, and will likely be lower than the previous week. The small week over week decrease is a possible explanation for sharp gains in the nearby futures market. This basis is still within seasonal expectations, but the significant change from last week is a result of a strong rally in nearby futures throughout the week and the inclusion of weaker prices on a one week delay in the Pool Plus calculations.
Cash prices are down from a week earlier, but seem to be stabilizing.
Average butcher weights both in Ontario and the U.S. are settling after heavy weights for most of the fall. In Ontario, for the week beginning November 1, the average dressed weight was 87.74 kg, which is down 0.15 kg from the previous week and steady with the same week last year. In the U.S. average dressed weights have risen slightly from a week ago and are also steady with the same week last year. This is the first time in 10 months that dressed weights have been steady with last year, as they have been consistently higher than last year's record breaking weights. The USDA Cold Storage report will be released on Friday, November 19.