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.
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