Demand for pork is showing some weakness, which analysts say is unusual for this time of year.
The U.S. Department of Agriculture (USDA) Outlook Board Chair says it is unusual to see a slowdown in demand, especially during the summer grilling season. This decrease in demand means lower hog market prices for producers.
The USDA lowered its hog price forecast this year by $2.12, landing at $59.13 per hundredweight. Next year is not looking much better, and they say it could be nearly $0.40 lower than this year’s forecast.
The Pork Board joined us recently on Market Day Report and said they are working to bring in new consumers after seeing a generational divide among buyers of U.S. pork.
