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 pork market seems to be shrugging off many of the outside factors impacting the beef sector. The pork cutout was $1.61 higher, averaging $95.01 last week and pushing against $100 by the middle of this week. Easter demand is around the corner, giving traders optimism. Cash hogs were $1.50 higher last week. April Lean Hog futures are 20% higher than a week ago. Harvest continues lower than last year, with last week’s estimate of 2.536 million hogs being 33,000 head fewer than the previous week and trailing a year ago by 87,000 head. Feeder pigs have backed off recent highs but remain higher than the beginning of the year. Pork exports last year were 4% higher than 2023. Mexico purchased 37% of all U.S. pork exported in 2024 with Japan accounting for 9% of the total. Pork export value per head equated to $66.53 in 2024, 4% higher year-over-year and the highest on record. Exports accounted for a record 30.3% of total pork production.
Lamb
USDA called the lamb market steady to $15/cwt lower last week. Easter demand will be welcomed to help stop the slide in prices. The net lamb cutout value was $461.78 last Friday, gaining 86 cents on the week. The estimated harvest total of 37,000 head was 1,000 head more than the previous week and 2,000 more than a year ago. Exports of U.S. lamb were 16% higher than 2023. The Caribbean and Mexico are the two largest destinations for U.S. lamb muscle cuts. Shorn lambs brought $160 -$170/cwt with some selling to $210/cwt.
