The pork industry is holding some of its highest inventory of hogs and pigs since the USDA began recording the data back in 1964. That’s according the to the Hogs and Pigs Report that came out Thursday.
Politico says pork checkoff experts struggled to find a bright spot for hog producers in the months ahead. “We’re looking at an awful lot of hogs and an awful lot of pork,” says Dr. Ron Plain of the University of Missouri. “We’re going to look ahead to a considerable number of months with red ink going forward.”
Other experts say this is a prolonged downturn, but not the sharp “V” bottom that the market saw in 1998. The pork industry is already suffering the effects of recent trade decisions, starting with President Donald Trump’s move to pull the U.S. out of the Trans-Pacific Partnership before continuing with Chinese tariffs.
“You certainly don’t want to lose those markets at a time like this when we have record pork supplies and prices are under real pressure,” Plain adds.