The following report was prepared and written by Jeff Swenson, DATCP’s livestock and meat specialist. This report draws information from several sources, including trade publications, radio broadcasts, agricultural news services, individuals involved in the industry as well as USDA reports.
The pork carcass cutout value was lower last week, ending a 10-week upward trend. The drop was $2.76, with a weekly average of $111.92. Cash hogs were $2.00 lower last week.
The average retail price of pork in July was $4.70/pound, making it .02 cents higher than June. The average retail pork price is 5% lower than July 2022. Pork continues to struggle against lower retail chicken prices.
Last week’s estimated harvest was 2.354 million hogs, 16,000 higher than the previous week and 26,000 higher than the same week last year.
June pork exports totaled 245,964 metric tons, up 12% from a year ago, while export value climbed 6% to $691.4 million. Through the first half of 2023, exports were 14% above last year’s pace and value was up 12%. Pork export value equated to $66.31 per head in June, up 8% from a year ago. The first-half average was $63.87 per head, up 10%. Exports accounted for 31% of total June pork production, up four full percentage points from a year ago.
Traditional lamb prices were $1 to $5 higher last week with light market lambs mostly $10 higher. The lamb carcass cutout value continues to show strength, gaining $8.53 from the previous Friday to end the week at $522.66.
Sheep and lamb harvest was estimated to be 31,000, putting it 1,000 less than the previous week and 2,000 head below a year ago.
After a strong start in 2023, exports of U.S. lamb muscle cuts trended sharply lower in the second quarter. June exports were just 109 metric tons, down 56% from a year ago, while value fell 45% to $1.54 million. First-half exports were down 5% in volume and 6% in value. Exports trended higher to the Netherlands Antilles, the Bahamas, Guatemala, and Canada. Volume increased slightly to Mexico.
Market lambs were mostly steady, from $155 to $191/cwt.
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