Prepared and written by Jeff Swenson, DATCP Livestock and Meat Specialist. The Market Update draws information from several sources, including trade publications, radio broadcasts, agricultural news services, individuals involved in the industry as well as USDA NASS and AMS reports.
Pork
The pork cutout continued to show gains with a weekly average of $105.49, making it 71 cents higher. The increase in cutout value has helped the cash market, with hogs $1.35 higher last week. Lean Hog contracts were lower last week, with the October contract down $1.60. Harvest last week was estimated at 2.455 million hogs, 19,000 more than the previous week and 107,000 more than a year ago. USDA will release a Monthly Trade Data report late this week. U.S. Pork Exports started 2024 at a strong pace. Although export sales have slowed somewhat in the past couple of months, they remain ahead of year-ago levels. Mexico continues to be the largest purchaser of U.S. raised pork. Hog supplies in Mexico have been tight and cash prices continue to rise there, although inflation threatens to slow U.S. exports of corn, pork, and beef.
Lamb
Market lamb prices were $10-$20/cwt lower last week. Cash prices are about equal to this time last year. The net lamb carcass cutout value was $474.35 last week, $5.00 lower than the previous Friday. The cutout value was $441.13 this week last year. Year-to-date lamb and mutton production has exceeded 2023 levels. Sheep and lamb harvest is 5.2% higher than this time last year with lamb and mutton production 2.6% higher. Last week’s harvest estimate of 37,000 head was 1,000 more than the previous week and 5,000 more than a year ago. Shorn lambs brought $152-$177/cwt with a few selling higher.
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