May Pork Exports Highest Since June 2014

   U.S. pork imports totaled 90.2 million pounds during May. That is up 10.5 percent compared to May 2015. U.S. pork exports totaled 458.8 million pounds in May, up 4.9 percent compared to a year earlier, and the most for any month since April 2015.
   May imports equaled 4.6 percent of production. Pork exports during May equaled 23.5 percent of U.S. pork production, the highest for any month since June 2014.
   There were 473,541 hogs imported in May, up 12.9 percent compared top May 2015.
   January-May pork imports were up 4.4 percent with less pork coming to the U.S. from Canada, but more coming from Europe. Pork exports were up 1.2 percent during the first five months of 2016 with a bit less going to Japan, Mexico and Canada, but a lot more going to China and Hong Kong. U.S. pork shipments to China and Hong Kong were up 137 percent compared to a year earlier.
   USDA’s Crop Progress report says that 75 percent of corn acres were in good to excellent conditions on July 3. That is the same as a week earlier and 6 points higher than on that date last year.
   Hog prices were lower this week. The national negotiated barrow and gilt carcass price averaged $77.19/cwt on Thursday, down $1.16 from a week earlier and down 16 cents from a year ago.
   The national negotiated barrow and gilt price averaged $75.79/cwt on the morning report today, down $1.17 from a week earlier. There were no regional negotiated price quotes this morning for the eastern corn belt, western corn belt or Iowa-Minnesota.
   The top hog price today at Peoria was $49/cwt, unchanged from a week earlier. Today’s top price for interior Missouri live hogs was $55.50/cwt, the same as last Friday.
   Friday morning’s pork cutout value was $89.45/cwt FOB the slaughter plants. That is up 12 cents from the week before and up $8.65 from a year ago. Ham and belly prices were higher than last Friday, loins lower. This morning’s national negotiated hog price is 84.7 percent of the cutout value.
   This week started with a holiday so slaughter only totaled 1.826 million head, down 13.7 percent from last week and down 12.0 percent from the same week last year.
   The average slaughter weight of barrows and gilts in Iowa-Minnesota last week was 276.7 pounds. That is down 1.1 pounds from the week before and down 2.3 pound from the same week last year.
   The July lean hog futures contract ended the week at $80.05/cwt, down $2.625 from the preceding Friday. Today, August hogs settled at $78.825/cwt, down $5.125 from last Friday. The October contract settled at $68.60, down $3.75 for the week.
   Corn futures fell for the third week in a row. The July contract lost 3.25 cents this week to close the week at $3.4975 per bushel. September futures closed 5 cents lower than last Friday at $3.55/bu. December corn futures ended the week at $3.625/bushel, down 4.5 cents from last Friday. ∆
DR. RON PLAIN AND DR. SCOTT BROWN: Agricultural Economists, University of Missouri
MidAmerica Farm Publications, Inc
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