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Pork Market Commentary for the Week Ending on November 1st, 2024

Pork Market Commentary for the Week Ending on November 1st, 2024

Discover the key trends and the latest data impacting the meat market, so you can make informed and strategic decisions.

Notes: unless otherwise noted, comments correspond to the week ending November 1st, 2024.

1. Week Summary:

This Week's Story

  • The Cutout closed at $1.02, rising by 4 cents from the previous week and 15 cents year-over-year.
  • Meat production under federal inspection reached 566 million pounds, increasing by 14 million pounds from last week but decreasing by 3 million compared to 2023, with the weekly slaughter at 2.65 million head, down by 60,000 from last week and 12,000 year-over-year.
  • Dressed weights remained steady at 213 pounds per head. 
  • Swine prices closed at $0.83, up 6 cents from the prior week and 14 cents from the same period last year.
  • Estimated gross packer margins were $64 per head, a rise of $6 from last week and $17 compared to 2023. 

Cutouts

The Cutout closed at $1.02, four cents higher compared to the previous week and 15 cents higher than the same week last year (See chart).

Meat Production                                                                                       

Meat production under federal inspection was 566 million pounds, 14 million pounds more compared to the previous week and three million pounds less than the same week in 2023 (See chart).

  • The weekly kill was 2.65 million head, 60 thousand head lower compared to the prior week and 12 thousand head lower compared to the same week in 2023.                                                     
  • Dressed weights remained steady at 213 pounds per head.                                                      

Swine Prices                                                                                

Prices of swine closed at $0.83, six cents higher than the previous week and 14 cents higher than the same week in 2023 (See chart).

Gross Packer Margins                                                                                           

Our estimate for Gross Packer Margins for the week was $64 per head, $6 higher than the previous week, and $17 higher than the same week in 2023.

* Gross Packer Margin data is only available in our Advanced Analytics suite.

Exports

The reported figure for the week ending 10/24/2024 was 71.2 million pounds, half a million pounds higher than the prior week, and 7.6 million pounds higher than the same week in 2023.

 

2. Looking Ahead:

Lean Hogs Futures for December 2024 contracts closed at $0.84. For February 2025 contracts the price closed at $0.86.

Our 8-week forecast puts the Cutout price at $1.18, 16 cents higher than the $1.02 for the current week (See chart).

* Forecasts for specific meats cuts are only available in our Advanced Analytics suite

 

3. Mark Your Calendar - Industry Events Coming Up:

EVENT DATE LOCATION
MEAT & GRILL DAYS 2024 November 9-11 Athens Metropolitan Expo, Attica, Greece
SIPA 2024 November 14-15 Guadalajara, Jalisco, Mexico
Banff Pork Seminar January 7-9 Banff, Alberta, Canada

You can find a more comprehensive list of industry events in our Events section.

For more details you may consult EMEAT's Weekly Commodity Recap.

 

Pork

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The EMEAT Team

Sales, Purchasing, Marketing

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