This month’s World Agricultural Supply and Demand Estimates (WASDE) lowered the pork export forecast a whopping 405 million pounds. The reason? As China continues to strengthen its domestic hog supply after rebuilding from African swine fever, the country is buying less pork not only from the U.S., but all suppliers. The result is increased competition for all suppliers now looking to fill China’s void with other countries.
The WASDE report reduced overall meat exports 459 million pounds, but expects strong prices, particularly with hogs and beef. The report showed a steer price forecast increase for 2022 of $1.50/hundredweight.
Read more on USDA’s latest WASDE report here.
Featured
-
Trade Panel Rejects U.S. Complaint on Canada USMCA Dairy ImplementationNovember 29, 2023
-
Fifth Circuit Court Sides with Oil Refiners in Waiver RequestsNovember 29, 2023
-
Cropland Values Continue to Climb Despite Lower Farm IncomeNovember 27, 2023
-
Final USDA Crop Progress Report Pegs Corn at 96% HarvestedNovember 28, 2023
-
Warmer Temperatures, Precipitation to Kick Off DecemberNovember 29, 2023