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
Year-to-date pork production is 2.1% higher than last year according to the USDA Monthly Slaughter report. Year-to-date harvest is 1.2% higher than 2023. Live weights have been decreasing but are still four pounds heavier than last August. Cash hogs were 75 cents higher last week. The pork cutout value was nearly steady last week, averaging $94.52 for a gain of 22 cents. The harvest estimate for last week was 2.506 million hogs, 59,000 fewer than the week before and 41,000 fewer than the same week last year. Information about this week’s Quarterly Hogs and Pigs report will be included in the next Weekly Livestock Market Update. Some analysts thought that previous reports overstated the market hog inventory, but those numbers have played out when looking at harvest totals over the past 18 months.
Lamb
Market lamb prices were weak to $20/cwt lower last week. Heavy lambs showed the most weakness. Last week’s estimated harvest was 35,000 sheep and lambs, 1,000 more than the previous week and equal to last year. Lamb and mutton production during August totaled 10.5 million pounds, 1% less than a year ago. Year-to-date harvest is 4% less than 2023. The average live weight is four pounds higher than last August at 114 pounds. Shorn lambs brought $115-$146/cwt with a few selling to $180/cwt.
