![]() economy,” said Scott Hays, NPPC president and pork producer from Missouri. pork industry is incredibly important not only to agriculture but to the entire U.S. Inflation, rising interest rates, and other macro–level factors may continue to strain consumer purchasing power, which impacts demand for meat and pork. ![]() Inflation has cooled to 3.1%, though the prices of many consumer necessities like food and housing continue to increase more rapidly than the pre-pandemic average.USDA is now projecting a 1.4% increase in pork production this year, while domestic pork availability is expected to drop 2.5% to 49.8 pounds per capita for 2023. Hog slaughter and pork production increased an estimated 1.2% and 0.3% respectively through mid-July 2023.Prices have gained seasonal momentum over the past three months but remain below year-ago levels. So far this year, negotiated hog and pork cutout values, on average, have been about 20% below the same week last year.Average cost and breakeven levels are 9% higher than one year ago and have increased 60% over three years. Persistently high production costs continue to be a major challenge to pig farmers’ profitability.California Proposition 12 creates significant challenges and market uncertainty for pig farmers across the country and has far-reaching implications beyond the pork industry. ![]() Key takeaways from the Q3 update include: WASHINGTON, D.C., - The National Pork Producers Council (NPPC) released its third quarter pork industry economic update to provide a snapshot of top pork industry issues, current trends, and marketing conditions impacting U.S. ![]()
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