Last year, the nation exported 5.4 billion pounds of pork and imported only 802 million pounds. Pork imports were the lowest since 1998. The top 7 foreign destinations for US pork were Japan, Mexico, China, Canada, South Korea, Russia, and Australia, respectively.

Canada was the source for 78 per cent of our pork imports with 9 per cent coming from Denmark. Pork exports equaled a record 23.15 per cent of US production. Pork imports equaled 3.53 per cent of production, the lowest since 1981.

The value of US pork exports last year was a record $5.46 billion. The value of pork variety meats was a record $867 million. We exported an average of $48.21 worth of pork and $7.66 of pork byproducts for each hog slaughtered in the US in 2012.

Live hog imports in 2012 were down 2.5 per cent from the year before. In total, 5.65 million hogs were imported from Canada, the fewest since 2001. An additional 30 head were imported from other countries. 85 per cent of live hog imports were feeder or weaner pigs. The US exported 55,059 live hogs last year with Mexico and China being the top two destinations.

Russia has stopped importing US beef and pork because we use ractopamine as a feed additive.

It was another tough week for packers with hog carcass prices staying above the pork cutout value. The national average negotiated carcass price for direct delivered hogs on the morning report today was $81.10/cwt, down $4.36 cents from last Friday. The eastern corn belt averaged $81.12/cwt this morning. The western corn belt and Iowa-Minnesota both averaged $80.78/cwt on the morning price report.

Peoria had a live top of $54/cwt on Friday and Zumbrota, MN topped at $56.50. The top for interior Missouri live hogs Friday was $58.50/cwt, down $5.25 from the previous Friday.

Thursday afternoon's calculated pork cutout value was $80.10/cwt, down $1.59 from the previous Thursday, down $4.94 from two weeks ago, and down $6.22 from this week last year. Belly prices are steady with a week earlier, but loins, hams, and butts are lower. The national average hog carcass price this morning is 101.2 per cent of the cutout value. Look for lower hog prices to start next week.

Hog slaughter this week totaled 2.145 million head, up 0.3 per cent from last week, but down 0.3 per cent compared to the same week last year.

The average barrow and gilt live weight in Iowa-Minnesota last week was 275.7 pounds, up 1.7 pounds from a week earlier but down 0.2 pound from a year ago.

Friday's close for the April lean hog futures contract was $84.25/cwt, down $1.87 from the previous Friday. May hog futures ended the week $1.88 lower at $91.62/cwt. June hogs lost $1.55 this week to settle at $92.95/cwt today. July hog futures ended the week at $92.85/cwt. Corn and soybean meal futures both ended this week lower than last.