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Steiner and Company and the National Pork Board assessed the 2024 US pork outlook. Hog slaughter reached 2.7 million head the prior week, the highest of the year, creating ample supply, while wholesale pork demand has declined sharply versus 2021 and 2022.
Heavy slaughter and weak wholesale demand point to lower pork cutout values and pressure on hog prices into 2024. Expected modest supply growth and modest demand gains leave the balance soft.
americanporkclub.comDec 14, 2023After 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.
