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.
Wholesale pork prices continue to climb, averaging $104.78 last week— an increase of $4.60. Cash hogs were steady to 30 cents lower.
Packers are not having difficulty finding hogs. Last week’s estimated harvest of 2.436 million was 64,000 head higher than the week prior and up 37,500 from a year ago.
June harvest statistics did show a decrease in pork production for the month compared to last year. Part of the drop can be attributed to two fewer weekdays and one more Saturday than in June 2023. Pork production for the month totaled 2.12 billion pounds, making it 4% lower than last year, while harvest was 5% lower at 9.92 million head.
The average live weight in June was 287 pounds, up three pounds from last year.
Pork in cold storage on June 30 was down 2% from May and 3% lower than last year. Frozen pork belly supply is 16% lower than May and down 14% from 2023.
Belly primal prices have been on the increase recently, likely proving that BLT season still lends support to bacon demand. Weekly export sales were a respectable 31,500 metric tons. The total is 10% lower than the four-week average, but 5% higher than the previous period.
