The average U.S. pork price hit a record high for a second straight day on Monday amid strong exports and tight supplies, according to government data and traders.
The average pork price reached a record of $97.79 per cwt on Monday, beating Friday's record high of $95.49, said the U.S. Department of Agriculture. [POR/CAR] (Graphic: link.reuters.com/run95n)
The data helped to bolster confidence among traders that domestic demand for pork was improving. There had been concerns that rising prices could curb domestic demand.
"Production is down and exports are up and I'm starting to feel better about domestic demand," said Ron Plain, livestock economist at the University of Missouri.
"And when I also look at the beef numbers, it looks to me like maybe we're looking at a bit stronger demand ahead of us.
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