By: Jennifer Shike, Farm Journal’s Pork online
Pork production is expected to edge out beef production in the U.S. at just over 30 billion pounds by 2028, according to the USDA Long-term Projection’s latest report. Pork production levels are expected to be at 30.4 billion pounds while beef production is anticipated to be at 29.7 billion pounds. Continue reading
From: Ohio’s County Journal and Ohio Ag Net
According to Iowa State University Economist Dermot Hayes, U.S. pork producers have lost $2.2 billion on an annualized basis due to events leading up to and following China’s 25% punitive tariffs in retaliation for U.S. tariffs on aluminum and steel.
“U.S. pork has invested significantly to ramp production to capitalize on growth opportunities around the world, including China and other markets throughout the Asia-Pacific region,” said Jim Heimerl, a Johnstown, Ohio pig farmer and president of the National Pork Producers Council. Continue reading
By: Greg Henderson, Farm Journal’s Pork
Purdue University economist Chris Hurt tells AgDay reporter Tyne Morgan the strength of the U.S. economy has been a boost to strong beef demand.
Chinese tariffs and increasing supplies are pressuring prices—enough to put a hard stop to expansion. ( Farm Journal )
“There are a lot of people working, low unemployment, and a lot of jobs and rising wage rates those are all positive to meet consumption,” Hurt says. “We’ve got a world that has an economy doing very well, and what that says exports are doing very well.” Continue reading
By: Chris Hurt, Professor of Agricultural Economics at Purdue University
Previously on Ag Web, Powered by Farm Journal
The 2018 outlook early this year was for modest profitability. Now, it has shifted to losses. The reasons are clear. Higher costs and lost exports as China has implemented a 25 percent tariff on U.S. pork that goes into effect today, April 2, 2018.
Several forces are driving costs higher, but feed is the primary culprit. Since the start of the year, corn futures are about 27 cents per bushel higher and soybean meal futures are about $55 per ton higher. This means that feed cost are nearly $3 per live hundredweight higher. This is composed of $1.20 higher because of corn prices and $1.75 due to higher meal prices. Continue reading