USA: Pig outlook - lean hog futures bulls are snorting

The agricultural and food industry is experiencing a variety of developments, including new contract highs for June lean hog futures, indicating a robust hog market. Despite this, there's been heavy selling in the cattle market, with the CME cash hog index at $85.15 and a recent slip in wholesale pork prices after a peak. Beef net sales are up, mainly to South Korea and Japan, while pork net sales have seen a decline, with Mexico as the primary buyer. These exports are crucial for the U.S. corn and soybean industries, contributing $18.1 billion in 2023. Additionally, there's been a second recent human case of bird flu in Texas linked to infected dairy cattle, though the public risk is low. The USDA reports a slight increase in the hog herd compared to last year. Other issues include a slight rise in the pig population and winter pig crop, debates over lab-grown meat bans in several states, and a lawsuit against the FDA regarding the use of ractopamine in farm animals, a feed additive with potential health and environmental concerns.