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.
Pork
The pork cutout value was $2.98 higher last week, averaging $93.31. Most primals showed strength but were lower at the beginning of this week. Cash hogs were 75 cents higher. Last week’s estimated harvest of 2.573 million was 29,000 head fewer than the week prior and 122,000 fewer than last year. Market hog supply continues lower than the estimates from the most recent Quarterly Hogs and Pigs report. Pork at retail averaged $4.95/pound in November, 0.6% higher than October. While overall the average price was less than 1% higher, the price of boneless pork chops was 6.3% higher than October. The increase can be attributed to better demand more than decreased pork supplies, although the two working in tandem could underpin hog prices heading into the new year. USDA raised its estimated hog price by $3 for 2025 in last week’s WASDE report.
Lamb
Fed lamb prices were steady to $20/cwt higher last week according to USDA’s National Sheep Summary. Lamb is a protein that tends to see a decrease in demand post-holidays. The lamb carcass cutout value was $1.87 lower than the previous week at $463.08. Lamb feature rates at grocery stores were lower last week. Lamb features offered more ad space for loins, shoulder chops, and shank. Sheep and lamb harvest last week was estimated to be 38,000 head, 1,000 fewer than the week before and equal to last year’s total. Shorn lambs brought $150 -$165/cwt with some light lambs selling higher.