The National Pork Producers Council (NPPC) released its third-quarter pork industry economic update covering the top pork industry issues, current trends, and marketing issues impacting U.S. farmers.
Among the biggest takeaways, California’s Prop 12 creates significant challenges and market uncertainty for pig farmers across the country and has far-reaching implications beyond the pork industry. High production costs continue to be a major challenge to pig farmers’ profitability. The average cost and breakeven levels are nine percent higher than a year ago and have risen 60 percent in the last three years. Hog slaughter and pork production increased an estimated 1.2 percent and 0.3 percent respectively through mid-July 2023. USDA now says pork production will increase 1.4 percent this year, while domestic pork availability is expected to drop 2.5 percent to 49.8 pounds per capita for this year.
“Despite the challenges, our pork industry is incredibly resilient,” says Scott Hays, NPPC President.
(From the National Association of Farm Broadcasters)