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Pork Market Commentary for the Week Ending on May 11, 2024

Pork Market Commentary for the Week Ending on May 11, 2024

1. Week Summary

  • This week's story.

Prices of swine remained steady at $0.92, while Cutout increased 1 cent for this week. Production decreased by 1.57% vs prior week. Estimated Gross Packer Margins decreased by $1.5 per head.

  • Cutouts.

The Cutout closed at $0.99, +1 cent higher (+1.02%) than previous week and +18 cents higher than same week last year (+22.22%) (See chart).

  • Meat production.

Meat production under federal inspection was 515 million pounds, -5 million pounds lower (-0.96%) vs prior week and -16 million pounds lower (-3.01%) vs the same week in 2023.

    • This week’s slaughter was 2.39 million, -16 thousand lower (-0.67%) vs prior week and -62 thousand lower (-2.53%) than in 2023.
    • Dressed weights remained steady at 216 pounds per head, same value than prior week and same value than the same week in 2023.

See chart.

  • Swine prices.

Prices of swine remained steady vs prior week at $0.92, and +19 cents higher (+26.03%) vs the same week in 2023 (See chart).

  • Gross Packer Margins.

Our estimate for Gross Packer Margins for the week was $27.8 per head, +$1.5 higher (+5.70%) vs. prior week and -$3.2 lower (-10.32%) vs same week in 2023 (See chart).

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

2. Looking ahead

  • Lean Hogs Futures for June 2024 contracts closed at $0.98. For July 2024 contracts the price closed at $1.01.  
  • Our 8-week forecast puts the Cutout price at $1.19, 20 cents higher than the $0.99 for the current week.

See chart. 

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

3. Mark your calendar

Event Dates Location
Animal Care & Handling Conference 

May 16-17, 2024

 Kansas, USA
National Restaurant Association Show May 18-21, 2024 Chicago, USA
2024 SIAL Shanghai

May 28-30, 2024

 Shanghai, China

*You can find a more comprehensive list of industry events in our Events section (https://emeat.io/dashboard/events).

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

Pork

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