Prepared and written by Jeff Swenson, DATCP Livestock and Meat Specialist. The Market Update draws information from several sources, including trade publications, radio broadcasts, agricultural news services, individuals involved in the industry as well as USDA NASS and AMS reports.
Hogs and Pork
Cash hogs were $1.00 higher last week and are $35/cwt higher than this time last year, an increase of 80%. Market show prices were lower. Feeder pig prices were higher again last week with cash 40-pound feeder pigs averaging $105.03/head compared to $48.46 last year. The pork cutout value seems to have settled around $90 to open the year, averaging $90.45 last week. Pork prices averaged $4.87/pound in 2024, making them six cents higher than in 2023. Harvest was estimated at 2.627 million last week, 96,000 head more than the previous week and 10,000 more than last year. The larger harvest boosted pork production for the week to 571.7 million pounds, which is two million pounds above the same week last year. USDA lowered the yield of the U.S. corn crop in the recent WASDE report, fueling corn prices higher. The higher inputs will have a negative impact on pig farmers’ bottom-line.
Lamb
Last week cash lambs were weak to $20/cwt lower at the nation’s auction markets but negotiated fed lamb sales were higher than the previous week. The lamb cutout value was higher at $461.50 compared to $457.20 the previous week. Estimated sheep and lamb harvest was 37,000 head, 2,000 more than the previous week and 6,000 more than last year. Shorn lambs brought $150-$161/cwt with some light lambs selling to $200/cwt.