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.
Pork
The hog market had been gaining momentum but took a step back last week. Cash hogs were $2.15 lower, and the pork cutout value decreased by $5 to average $100.49 and was working lower this week. Hog weights have been declining but are still running heavier than last year. June pork exports totaled 224,392 metric tons, down 9% from a year ago and the lowest since September, while export value fell 5% to $659.7 million. However, the January through June volume still reached 1.52 million metric tons, 3% above the first half of 2023, while export value increased 5% to $4.26 billion. Pork export value equated to $66.53 per head harvested in June, up slightly from a year ago. The January through June average was $66.54 per head, up 4% from the first half of 2023. Exports accounted for 29.4% of total June pork production and 25.4% for muscle cuts. For January through June, exports accounted for 30.5% of total production, up from 29.9% a year ago. Pork exports continue to lag this summer. For the period from August 2-8, net sales of 20,900 metric tons were a marketing-year low, 40% lower than the previous week and 30% less than the prior four-week average.
Lamb
Market lambs were called $10-$20/cwt lower last week. The lamb carcass cutout value was $471.52 last week, $2.83 less than the previous Friday. June exports of U.S. lamb totaled 191 metric tons up 26% from a year ago, although value declined 16% to $827,000. June exports increased to Mexico, the Bahamas, and the Philippines, and were steady to Japan. Through the first half of 2024, lamb exports increased 12% in volume and 19% in value, with shipments trending higher to the Caribbean, Mexico, the ASEAN region, Canada, and Taiwan, while exports were steady to Japan. Shorn lambs brought $135-$180/cwt with a few selling to $200/cwt.
