Wholesale pork cutout closed the week at $94.31 US per cwt down $1.44 from a week earlier however prices have mantained good value heading into the last quarter of 2024.
Pork values carried a premium to 2023 for much of the year but slipped below last year levels from Jul to Sep. The gap to last year however narrowed in September with the monthly average down $3.40 or 3.5% narrowing from a difference of $12.19 in July.
Strong export demand, and steady to lower kill levels have offered underlying support to the meat market which has provided strength to cash hog markets and lean hog futures.
Forward contract prices across most of the country supported by a weak Canadian dollar and seasonal feed prices have provided excellent margin opportunities for hog producers for the the remainder of 2024 and much of 2025. Producers who are risk adverse and looking to reduce exposure for the months ahead could use this opportunity to cover margin risk.
