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.
The pork cutout averaged $99.63 last week, making it 69 cents higher. Hopes that the cutout would break through the $100 level of resistance were dashed this week as it was $95.96 on Wednesday. Cash hogs on a carcass basis were 90 cents higher last week with a base price of $91.57. USDA estimates last week’s hog harvest at 2.428 million, 290,000 more than the previous week and 75,000 more than the same week last year. Exports of U.S. pork maintained strong momentum in April, led by broad-based growth in Asian and Western Hemisphere markets. Pork exports totaled 257,212 metric tons in April, 8% higher than last year, while value increased 6%. April’s numbers reflected growth in Mexico, Japan, the Dominican Republic, Central America, and the Philippines. Pork export value equated to $66.83 per head harvested in April, up 7% from a year ago
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