Hog Outlook: November 2013 Pork Exports Down Compared to Year Ago

US - Pork exports during November were down 2.9 per cent compared to a year earlier due to almost no pork going to Russia. Pork imports were up 14.3 per cent in November due to more pork from Canada. In November, 22.2 per cent of US pork production was exported. Imports equaled 4.0 per cent of production, write Ron Plain and Scott Brown.
calendar icon 20 January 2014
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Feeder/weaner pig imports were down 16.4 per cent in November and imports of other hogs were down 15.4 per cent.

Retail pork prices in December averaged $3.761 per pound. That was down 1.5 cents from the month before, but up 33.4 cents compared to a year ago.

The average price for 51-52 per cent lean hogs was $58.16/cwt in December. That was down $2.06 from November and down $1.00 from December 2012.

With December retail pork prices above a year ago and hog prices below, the farm to retail price spread, $2.764 per pound in December, was 2.0 cents higher than in November and 35 cents higher than a year ago. Most of the year-over-year increase has been at the retail level.

Friday morning's pork cutout value based on mandatory price reporting was $86.49/cwt FOB plants, up $3.88 from the week before and up $2.61 from a year ago.

Hog prices ended the week a bit lower. The national average negotiated carcass price for direct delivered hogs on the morning report today was $75.95/cwt, down 51 cents from last Friday and down $4.40 from a year ago. There was no price quotes for the western corn belt or Iowa-Minnesota morning. The eastern corn belt averaged $75.97/cwt. Peoria had a live price top this morning of $53/cwt. Zumbrota, MN also topped at $52/cwt. The top price for interior Missouri live hogs Friday was $55/cwt, down $1.50 from last Friday. This morning's hog carcass price averaged 87.8 per cent of the cutout value.

Hog slaughter this week totaled 2.263 million head, up 9.1 per cent from the week before (which was low because of cold and snow) and up 2.6 per cent compared to the same week last year.

The average live weight of barrows and gilts in Iowa-Minnesota last week was 282.6 pounds, down 0.3 pound from a week earlier and up 6.1 pounds from a year ago. This weight series has been above year-ago every week since March 2013.

The February lean hog futures contract settled at $86.17/cwt today, up 35 cents from the previous Friday. April hog futures ended the week at $91.90/cwt, up 90 cents from the week before. May hogs gained 73 cents to close at $99.60. The June contract ended the week at $101.57/cwt. July closed at $100.20/cwt.

March corn futures ended the week at $4.24 per bushel, down 9 cents from the week before. June corn settled at $4.385/bushel.

March soybean meal futures ended the week at $434.50 per ton, up $20.90 from the previous Friday.

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