US pork production forecast in 2023 to increase

Published 2023년 2월 9일

Tridge summary

The USDA's December 2022 Meat Report shows a growth in the US breeding herd for the first time in nine quarters, with a 0.5% increase compared to the same period in 2021. This is expected to boost pig production in the second half of 2023. However, live hog prices have declined after remaining above the average for the year, and demand for bacon and ribs has fallen. Despite this, strong exports, especially to China, Korea, and the Dominican Republic, have boosted the outlook for 2023. Rabobank predicts a 0.2% increase in pork production and a 4% increase in pork exports in volume in 2023, if exports to Mexico remain stable and China recovers.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The USDA's December 2022 Meat Report shows that for the first time in the past nine quarters, the US breeding herd has grown. Although the number of pigs as of December 1, 2022 only increased by 2,000 compared to the previous quarter, it increased by 0.5% compared to the same period in 2021. Notably, the fertility rate from December 2022 to February 2023 will increase by 1% over the same period last year and from March to May 2023 will increase by 0.5% over the same period last year. The increase in herd will boost pig production in the second half of 2023. Rabobank continues to forecast a 0.2% increase in pork production in 2023. According to experts, live hog prices throughout the fourth quarter of 2022 remained above the average for the year, but have since declined. About 800,000 hogs are backlog after recent Midwest storms and a bleak market is putting downward pressure on pork futures prices, which are now $10 off their highs. The report said demand fell for bacon (down ...

Source: Vinanet