Pork’s Perfect Storm: Production is up, but prices are weaker
USDA is currently estimating pork production to be up 420 million pounds this year, which is a 1.5 percent increase over last year. The Chair of the Outlook Board says it is a different story when it comes to prices.
“Prices have been softer than expected, weaker than expected. We reduced our hog price forecast $0.75 per hundredweight, so it’s now at $65.75 per hundredweight, and year over year, that’s down $5.46 per hundredweight,” said Mark Jekanowski.
That brings this year’s estimates 7.5 percent below last year’s average.