Source: National Pork Producers Council
Red meat production and pork exports for the year were projected higher in the USDA’s latest World Agricultural Supply and Demand Estimates report, which was issued Aug. 10.
The report provides the latest projections for production, prices, imports, exports and per capita consumption for nearly all commodities, including pork. The forecast for total red meat production in 2017 was raised to 52.73 pounds from last month’s estimate of 52.55 pounds and is expected to increase 4.6% over last year. (The adjustment came despite a reduction in 2017 pork production on lower-than-expected slaughter in the third quarter of 2016.)
Total pork production was forecast at 25.8 billion pounds, a 3.5% increase from 2016; 2018 pork production was forecast at 26.7 billion pounds, an increase of 3.6% over 2017. The range of 2017 barrow and gilt prices was raised to $51-$52 per carcass hundredweight, while 2018 prices were pegged between $46 and $50 per hundredweight.
Export projections were slightly increased from last month and would represent annual increases over 2016 of 9.8% in 2017 and 3.7% in 2018.
The WASDE report forecasts corn at 169.5 bushels an acre and soybeans at 49.4 bushels an acre, well above analyst’s estimates of 166 and 47.5, respectively.