Pork Harvest & Lamb Prices Rise

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.

Pork

Cash hogs were $1.90/cwt lower while lean hog futures were higher to end the week. Ham primals weighed on the pork cutout which averaged $99.69 last week, making it 80 cents lower. The average retail price of pork in July was $4.92/pound, 4 cents higher than June. Comparing pork and beef, it is clear supply and demand are the largest factors influencing prices. Pork supply remains high. Last week’s harvest estimate of 2.512 million hogs was 129,000 more than the previous week and 81,000 more than last year. Year-to-date pork production is running 1.5% higher than last year. USDA’s latest World Supply and Demand Estimates report projects a 90-million-pound decrease in pork production in 2024 compared to its previous estimate. Exports expectations were lowered 125 million pounds for this year and 250 million pounds in 2025.

Lamb

Market lamb price trends varied throughout the country and were called steady to $40/cwt higher. The lamb carcass cutout was $2.40 higher than the previous Friday at $473.10. The estimated harvest total of 34,000 sheep and lambs was 3,000 fewer than the previous week and 1,000 more than a year ago. Shorn lambs brought $135-$165/cwt.