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USDA's Economic Research Service cut second-half 2024 pork production by about 85 million pounds after lower Q3 slaughter and smaller dressed weights. Total 2024 pork production is forecast at 28 billion pounds, up 2.8% from last year.
The ERS also reduced 2024 and 2025 export forecasts because demand from key importers remains weak.
Lower pork output is modestly supportive, but reduced export expectations weigh on hog demand and prices. Hog prices are expected to average $55 per cwt in Q1 2025, signaling continued pressure.
nationalhogfarmer.comAnn HessAug 22, 2024After 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
