Pork production in 2020 is expected to be record high for the sixth consecutive year. Foreign markets will need to absorb much of that growth.

Economists say since COVID-19 crisis, cash prices of major products, such as hams and pork loins, are holding up well, however there is significant weakness in the pork belly market.

For 2019, pork exports to China/Hong Kong were up 89% to 665,665 metric tons, valued at $1.45 billion (up 71%).

The rally's extent could be surprising but given the level of production, there's no reason to expect anything close to last year's highs.

U.S. pork exports are now on pace to exceed previous records for both volume (2.45 million mt in 2017) and value ($6.65 billion in 2014).

Production efficiencies show up in upward trend of pigs per litter.

Progress in China trade talks one reason for optimism.

At the end of September, there was just under 41 million pounds of pork bellies in storage, 34% above a year ago and the highest since 1971.

Although still held back by China’s retaliatory duties, China/Hong Kong was the largest destination for U.S. pork in August at 63,656 mt, more than tripling the August 2018 volume.

The average pigs saved per litter was a record high of 11.11, 3.76% larger than last year for the June-August period.