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Farm Progress America, October 26, 2023Farm Progress America, October 26, 2023

Mike Pearson takes a look at the USA's pork industry and a buying spree by Mexico on it.

October 26, 2023

Mike Pearson takes a look at the tough year the pork industry has undergone and the one bright spot in it.

The pork industry has struggled through high grain and input prices in 2023-- some have referred to it as the worse economic conditions since 1998.

Smithfield Farms even announced the closing of 23 sow farms in Missouri this year-- even losing 60 percent of their quarterly profit margins.

However, prices did rebound some this summer.

And with the help of exports, the pork industry had strong revenue in the month of September.

The industry has had record breaking international demand and exports in Latin America, South America, Central America and Mexico.

Pork exports were 12 1/2 percent in the month of August meaning 92 metric tones were sold and $212 in total volume. The pork industry is expected to sell $1.47 Billion in 2023.

There has also been strong demand in Guatemala, El Salvador and the Honduras with a 13 percent increase.

Asia has also been importing more pork with 3,700 metric tones sold to Malaysia.

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