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.
Pigs
News of striking workers at 36 East Coast and Gulf Coast ports cast a shadow on agricultural markets last week. The International Longshoremen’s Association union returned to work after agreeing to finalize terms of an agreement between now and January 15. Pork exports have been strong in 2024, making averting a lengthy strike good news for the sector. Cash hogs were 60 cents higher last week. The pork cutout value was 49 cents lower last week, averaging $94.31. The cutout has stayed between $94 and $96 for six weeks. Most primals were lower to begin this week, however. Last week’s estimated harvest was 2.586 million, 34,000 head more than the previous week and 11,000 more than last year. Some analysts are questioning the latest Quarterly Hogs and Pigs Report, saying the number of hogs 120 pounds and heavier could be overstated. Harvest totals will continue to be watched closely.
Lamb
Cash lamb prices continue to slide with prices called weak to $20/cwt lower last week. The lower prices are counter seasonal to what we would expect going into the fall. Wholesale lamb prices are lower with the cutout value $4.60 lower last Friday at $472.21. Estimated sheep and lamb harvest last week was 36,000 head, which was equal to both the previous week and the same week last year. Shorn lambs brought $135-$156/cwt.
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