Market Outlook

See the latest Livestock, Dairy, and Poultry Outlook report.

Report Summary

Pork/Hogs: The forecast for fourth-quarter 2024 pork production is reduced by 90 million pounds to 7.3 billion pounds, due to a slower pace of slaughter. Fourth-quarter hog prices are raised to $60 per cwt, 12 percent higher than a year ago. Lower availability of slaughter- ready hogs at lighter dressed weights is forecast into the first half of 2025. First-quarter pork production is lowered to 7 billion pounds, about 1 percent below same-period production this year. First-quarter 2025 hog prices are forecast at $58 per cwt, almost 6 percent higher than a year earlier. Second-quarter 2025 prices are expected to be $62 per cwt, more than 5 percent below same-period prices this year. September pork exports were 7 percent higher than those in September 2023. Third-quarter exports totaled to 1.676 billion pounds, 8.6 percent above same period shipments last year. Total exports for 2024 are forecast at 7.2 billion pounds, 4.8 percent higher than exports last year. Total exports for 2025 are expected to be about 7.4 billion pounds, 2.8 percent higher than exports forecast for 2024.