USA: Week 42 Pig Market Review 2021

As of October 22, 2021, the USDA reports that the average cost of pork products in the US market has fallen by $3.05. Over the past week, there has been a decline in prices for all types of pork products, with the exception of carbonade, neck and ham.

The weekly EXPORT report was released by the USDA, but market observers have doubts about the completeness of the data (especially beef) because sales for many countries have fallen sharply. Generally, pork exports improve during this time of year as supply increases. Pig slaughter was over 2.6 million last week and will be close to that level again this week. However, export sales of pork last week were negligible, less than 21,000 tons. This is far below the current shipment rate of 31-32,000 metric tons per week, and last year - about 36,000 tons per week. Sales to CHINAfell sharply and show no signs of recovery. Last week, exports to China were only 175 tons, and over the past three weeks, the figure has averaged only 1,500 tons per week. Shipments to China last week fell by 4,083 tons, which was 67% lower than last year.  

Mexico continues to show good sales volumes, but this is not enough to keep the market afloat on its own. Deliveries to Mexico last week were strong, at around 15,000 tons, up 35% from the previous year.  

The decline in pork sales to other markets appears to have pushed more products into the domestic market. Due to labor shortages, this put undue pressure on domestic prices. Thus, even though overall pork shipments were higher than the four-week average and only 10% lower than last year, the slowdown does not bode well for the wholesale pork market in the next two months.

Retail MEAT prices continued to rise in September, with beef, pork and broiler prices reaching record levels. Retail pork prices in September were $4.72 per pound, up 16.4% from last year, also a record. Over the past six months, retail pork prices have set a new record.  

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WEEKLY WEIGHTED AVERAGE PRICE FOR PIGS

Weekly approximate volume of slaughter of pigs, thousand heads

PORK PRODUCTION