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 value was $1.57 higher last week to average $114.51. Cash hogs were mostly steady. USDA estimated 2.319 million hogs were harvested last week, 63,000 fewer than the week before and 11,000 fewer than Labor Day week last year. July exports of U.S. pork were slightly below last year but accounted for a larger share of production. Pork export value equated to $66.31 per head, down only slightly from last July. Exports accounted for 30.7% of total July pork production, 1% higher than a year ago, and 26.1% of muscle cuts. For January through July, exports accounted for 29.8% of total production. Pork exports overall were 1% lower than last July with value falling 4%. The drop in value was largely due to a 10% decline in variety meat prices due to tariffs imposed on those items by China.
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