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.
Hogs were about 50 cents higher last week. Seasonal highs are expected to occur between now and mid-March. Lean hog futures rallied to open the week. The negotiated pork cutout averaged $95.17 last week for a gain of 15 cents. Weekly harvest totals are declining. Last week’s estimated harvest of 2.497 million head was 88,000 fewer than the previous week and 24,000 fewer than a year ago. Pork in cold storage at the end of last year was at a 30-year low. Pork exports have been relatively strong. According to the latest WASDE report, USDA expects pork production in 2026 to outpace last year by 2.5%. Export expectations were raised by 2.2% over 2025, and to be slightly higher than 2024. Exports of U.S. pork totaled 254,085 metric tons in November, 7% lower than a year ago but the third largest of 2025. November pork export value per head was $70.26. The January-November average was $65.54, down less than 1% from the record pace of 2024.
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