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New Base Price for Ontario Hog Price Calculation

by 5m Editor
2 May 2003, at 12:00am

GUELPH - A new price report will be used to calculate the base price for Ontario hogs effective May 19, 2003.

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The National Daily Base Lean Hog Carcass Slaughter Cost, from which most Ontario price formulas are currently derived, may be discontinued by the United States Department of Agriculture in the near future. The new price report that will be used by Ontario Pork in its formula calculations is the National Daily Direct Hog Prior Day Report - Slaughtered Swine (201).

"We are confident that this price report is reflective of the North American market," says Larry Skinner, Chair of Ontario Pork. "Ontario Pork and the processors have worked together diligently to achieve a workable solution for all parties."

In order to provide a smooth transition from to the new report, Ontario Pork and the Ontario processors have agreed to use the new National Daily Direct Hog Prior Day Report - Slaughtered Swine price minus 56 cents US for price calculation purposes. The adjustment helps ensure that the transition to the new price report does not advantage either producers or processors.

Ontario Pork represents the 4,000 farmers who market hogs in the province in many areas, including hog marketing, consumer education, research, government representation, environmental issues, animal care and food quality assurance. The pork industry in Ontario accounts for 35,000 jobs and it is estimated that total industry output from farm gate sales is worth $4.8 billion to the Ontario economy. Visit Ontario Pork's website at: www.ontariopork.on.ca.

Source: Ontario Pork - 2nd May 2003

5m Editor