USDA forecasts an increase in fourth-quarter pork production by 2.4% compared to the same period last year, with soft consumer demand expected to keep hog price increases in check. October pork exports increased by 5.7% year over year, with strong shipments to Mexico and other Western Hemisphere markets, and the USDA forecasts U.S. pork exports for 2024 to be about 6.9 billion pounds, up 1.5% from the 2023 export forecast. At retail, November saw year-on-year deflation for processed pork products, with fresh pork prices averaging $3.21, up 2.3% from a year ago, but fresh pork sales were down -1.9% in dollar sales and -4.1% in pounds sold for that time period.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
USDA outlook Fourth-quarter pork production is up 25 million pounds to 7.09 billion pounds, 2.4% higher than in the same period a year ago, according to the U.S. Department of Agriculture. Hog prices are expected to average $54 per cwt. for the quarter, down 15% compared with the fourth quarter of 2022. USDA foresees soft consumer demand for pork persisting and keeping hog price increases in check. October pork exports increased 5.7% year over year, with strong shipments to Mexico and other Western Hemisphere markets. USDA forecasts U.S. pork exports for 2024 at about 6.9 billion pounds, up slightly (1.5%) from the 2023 export forecast. Pork production U.S. pork production and supply trends from the Pork Checkoff: Pork at retail At retail, November saw year-on-year deflation for processed pork products, including bacon, packaged lunchmeat, dinner sausage, breakfast sausage and smoked ham, according to Circana retail market analysis. The per-pound price for fresh pork in November ...
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