US Hog Market Review Week 44, November 5, 2024

Rising pork belly prices and retailers buying ham ahead of the Thanksgiving and Christmas holidays added momentum to the rally in pork futures, said Altin Calo, an economist at Steiner Group. Beef demand also remained strong, especially for higher-priced cuts ahead of the holiday season.

An unexpectedly low supply of U.S. hogs ready for slaughter and strong demand pushed pork futures higher after lower prices for pork bellies were believed to have attracted buyers, analysts said. Wholesale prices for pork carcasses, legs and brisket all rose, U.S. Department of Agriculture data showed Friday afternoon.

USDA FOB plant pork prices were up 82 cents from the previous day in Friday's PM report at $103.97 per hundredweight.

Excitement continues to build for hogs as the cash market strengthened on a combination of solid demand and lower than expected supplies. Exports rose again, with sales of 44,800 MT. Mexico and CHINA led the way, with large purchases of 17,700 MT and 10,400 MT, respectively. Consumer demand was also solid, with the price increase driven by strong demand for brisket as inventories came in at a low. The Pork Cutout Index rose to 101.46 as of 10/31/2024. The Lean Pork Index rose to 87.93 as of 10/30/2024.

The first case of H5N1 bird flu in pigs has been confirmed at an Oregon farm. USDA APHIS and Oregon officials are investigating the farm, where H5N1 bird flu was detected in poultry and, for the first time, in one of five pigs. Despite showing no signs of illness, the pigs tested positive and all were euthanized. The farm has been quarantined , but USDA says there is no risk to the U.S. pork supply, and genomic sequencing shows no increased transmission to humans. The National Pork Producers Council stressed there are no concerns about the safety of the U.S. pork supply, noting that the pork industry has been working with USDA APHIS since 2009 to monitor swine flu. “The entire pork industry remains committed to ensuring food safety and the HEALTH of people and animals,” NPPC CEO Brian Humphreys said in a statement . The pigs on the Oregon farm were not intended for commercial food supply, the U.S. Department of Agriculture said.

Pigs pose a particular risk for the spread of bird flu because they can be infected with both bird and human viruses at the same time, potentially swapping genes and creating a new, more dangerous virus that can more easily infect humans.

The case was one factor that prompted the U.S. Department of Agriculture to expand its bird flu surveillance to include nationwide testing of MILK, which the agency announced on Wednesday, Agriculture Secretary Tom Vilsack told REUTERS .

The discovery is a warning to pig farmers to be on guard for further infections, said Marie Culhane, a professor of veterinary medicine at the University of Minnesota who has researched influenza viruses in pigs.

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Average price of pigs

Negotiable price

Price in slaughter weight

Price in live weight

On a national basis LM_HG203:

-price range ($)

- weighted average price

-Change from the day before

-sales volume

73.00-82.00

77.50

-1.56

2159

53.25-64.50

62.14

1119

Iowa/Minnesota LM_HG206:

- weighted average price

No data

No data

Western Corn Belt LM_HG212:

- weighted average price

No data

No data

Eastern Corn Belt LM_HG210:

- weighted average price

77.82 (-1.13)

No data

WEEKLY WEIGHTED AVERAGE PRICE OF PIGS

Weekly approximate volume of pig slaughter, thousand heads