Pork prices are on the rise as international exports increase and high feed costs are passed on to consumers, said a Purdue Extension agricultural economist.
Retail prices this year are averaging a record $3.35 per pound, up 14% from $2.93 per pound in early 2010.
Increases in exports to South Korea, Japan, Russia and China have led to stronger demand for U.S. pork, said Christ Hurt. Meat designated for export comprised 22% of all U.S. pork in production this spring, and he said that is leaving less for U.S. consumers.
“While it now appears pork production will rise about 1% this year, the large sales to foreign customers mean tight supplies here at home,” Hurt said.
In recent weeks, corn prices have fallen after reaching a record high of more than $8 per bushel in some locations. Margins between hog revenues and feed costs are now positive, which is welcome news for the pork industry.… Continue readingRead More »