Pork Market Reports and Analysis
Exports of U.S. beef and pork continue strong despite headwinds in select foreign markets.
Brett Stuart, President and Co-Founder of Global AgriTrends, says, “I keep waiting to see when liquidation of the herd will actually outpace productivity and so far, that hasn’t happened,” he says.
During World Pork Expo, Dave Delaney with Ever.Ag talked with Chip Flory on AgriTalk about what he’s been seeing on a daily basis in the market.
Since the U.S. has plenty of hogs thanks to animal health and management, the topic becomes increasing the world’s appetite for pork and switching from defense to offense because the market is offering opportunities.
Pork export value in March was the highest in three years and the fifth highest on record. Beef exports in March highest in 2024.
Cattle and hog feeders are benefitting from dramatically lower grain and feed costs this year while live animal sale prices are higher. Profit margins for both species have doubled in the past month.
Cash-traded weaner pig volume was above average this week with 66,465 head being reported, which is 107 percent of the 52-week average.
The North American pork market is undergoing a period of rebalancing, as producers grapple with challenging margin outlooks and the need for strategic adjustments in response to economic factors.
U.S. pork exports posted another strong performance in October. Beef exports remained well below last year’s large totals but improved from September.
USDA’s Economic Research Service recently shared the September 2023 outlook for pork and hogs, following a slightly lower month of pork production in August.
The spread between cattle feeding margins and beef packer margins has now reached $500 per head as packing losses increase. Pork producer margins are the highest of the year.
Cash prices for both cattle and hogs advanced last week leaving feeding margins for both species solidly in the black. Hog margins were positive for the eighth consecutive week and cattle climbed out of the red.
With the Fourth of July holiday weekend nearing and the upcoming Hogs and Pigs inventory report, Rabobank shares key insights to the hog and pork markets for the remainder of 2023 and into next year.
Beef exports set records for both volume and value in 2022, while pork export value finished with the third-largest year on record.
The perfect storm of lower supplies of slaughter-ready hogs with confronting consumer resistance to pork price increases put the pressure on processors’ price spreads.
Cash-traded feeder pig reported volume was above average this past week, with 12,685 head reported. Cash feeder pig reported prices were $61.37, up $4.18 per head from last week.
Cash-traded weaner pig reported volume was below average this past week, with 30,910 head reported. Cash weaner pig reported prices were $40.07, up $2.14 per head from last week.
Cash-traded weaner pig reported volume was below average this past week, with 32,163 head reported. Cash weaner pig reported prices were $37.93, up $5.01 per head from last week.
Cash-traded feeder pig reported volume was above average this past week, with 10,705 head reported. Cash feeder pig reported prices were $53.99, up $2.61 per head from last week.
Cash-traded weaner pig reported volume was below average this past week, with 29,002 head reported. Cash weaner pig reported prices were $29.62, down $0.72 per head from last week.
Cash-traded feeder pig reported volume was above average this past week, with 14,556 head reported. Cash feeder pig reported prices were $50.48, down $0.10 per head from last week.
Cash-traded weaner pig reported volume was above average this past week, with 37,799 head reported. Cash weaner pig reported prices were $31.85, down $2.07 per head from last week.
A 1.9% year-over-year drop in the U.S. swine breeding herd, combined with ongoing productivity challenges, will limit 2022 U.S. hog slaughter and remain supportive to nearby markets, says Christine McCracken, Rabobank.
Cash-traded feeder pig reported volume was above average this past week, with 9,150 head reported. Cash feeder pig reported prices were $76.25, up $2.51 per head from last week.
Cash-traded feeder pig reported volume was below average with 2,335 head reported. Cash feeder pig reported prices were $57.20, down $6.70 per head from last week.
Cash-traded feeder pig reported volume was above average with 10,530 head reported. Cash feeder pig reported prices were $61.90, down $1.17 per head from last week.
Cash-traded weaner pig volume was above average this week with 55,737 head being reported which is 117% of the 52-week average.
Cash-traded weaner pig volume was below average this week with 31,489 head being reported which is 66% of the 52-week average.
Cash-traded feeder pig reported volume was below average this past week, with 5,985 head reported. Cash feeder pig reported prices were $72.39, down $7.74 per head from last week.
Cash-traded weaner pig reported volume was below average this past week, with 34,000 head reported. Cash weaner pig reported prices were $48.56, up $0.62 per head from last week.