US pork exports are forecast to increase almost 4.6% over 2023 due to higher domestic production and less global competition from the European Union, according to a recent market report from the USDA Economic Research Service.
The first-quarter commercial pork production is raised 30 million pounds to 7.2 billion pounds on higher-than-expected February production.
Total 2024 commercial pork production is expected to be 27.9 billion pounds, up 2.2% from a year ago. Live equivalent prices of 51-52% lean hogs are forecast to average about $61 per cwt, 3.7% above prices in 2023.
Pork exports for 2024 are raised 50 million pounds on strong demand from major importing countries and weakening competitiveness of EU pork due to lower production and higher prices. Total 2024 pork exports are expected to be 7.1 billion pounds, 4.6% above year-ago shipments.
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