USDA boosts 2015 forecast for pork production
The USDA boosted the 2015 forecast for pork production as higher-than-expected first quarter slaughter totals were reported. USDA has estimated the total US pork production for this year at 24.24 billion pounds, which is 6.1% more than in 2014.
Not only were the first quarter slaughter totals higher than expected, according to the National Hog Farmer the recent “Quarterly Hogs and Pigs” report revealed 9% higher December-February pig crop and producers intend to farrow 2% more sows in March-May.
Increased forecast for pork imports
A strong dollar makes the US an attractive market despite the expected increase in pork production. As a result, the USDA increased the forecast for pork imports but left pork export estimates unchanged.
An increase in production will most likely pressure prices downward. In the April report, pork prices for 2015 were projected at $48-$51 per hundredweight, 5-6 cents lower than last month.
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