Ed. Note: Media outlets planning to reprint the market update should include the following text at the beginning: 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
Cash hogs were $2.45 lower last week, although futures contracts have been showing strength the past two weeks. The average retail price of pork in August was $4.90/pound making it 2 cents lower than July and 1.3% higher than last year. Even with the market’s mixed signals, there is evidence that demand is strengthening. The pork cutout value was $1.97 lower than last week, averaging $94.30, but was about $95.00 early this week. The estimated harvest total of 2.571 million hogs last week was 244,000 more than the holiday-shortened previous week and 36,000 more than the same week last year. According to last week’s WASDE report, pork production is expected to increase for the second half of 2024 with a faster expected pace of harvest, but slightly lighter carcass weights.
Lamb
Market lambs were again steady to $20/cwt higher last week nationally. The net lamb carcass cutout value was $474.13, making it 53 cents higher than the previous Friday. Last week’s estimated harvest of 34,000 sheep and lambs was 7,000 more than the week prior and 2,000 more than last year. Shorn lambs brought $140-$160/cwt with a few to $180/cwt.
