The pork outlook looked bleak in August. Fear of large pork supplies and Mexican and Chinese tariffs appeared disastrous. The outlook is still suggesting losses this fall and winter but much less than thought in August.
Agricultural economists shared their forecast prices for the next several quarters following the Sept. 27 announcement of the September 2018 Quarterly Hogs and Pigs Report in a teleconference funded by the Pork Checkoff.
The numbers came in as economists expected in the September Quarterly Hogs and Pigs Report. According to USDA’s inventory of all hogs and pigs on Sept. 1, 2018, total inventory was 75.5 million, up 3% from a year ago.
U.S. tariffs on auto imports likely would prompt retaliation from American agriculture’s biggest trading partners, leading to financial harm to farmers, warned NPPC in comments to the Senate Committee on Finance.
Pork producers received fantastic news that the United States and Japan will begin trade talks soon. Japan is the U.S. pork industry’s No. 1 value market, importing in 2017 more than $1.6 billion of U.S. pork.
Cash-traded weaner pig volume was above average last week with 50,223 head being reported. This is 157% of the 52-week average. The low to high range was $14.00 - $28.00. Formula-priced weaners were also up, at $35.25.
While grain farmers questioned USDA’s relief pricing, the $8/head payment was determined by USDA economic models. About 6% of the overall expenditures in the market building programs will go to the pork industry.