Since 1993, ERS has calculated "normalized prices" based on 5-year lagged averages of actual market prices (e.g., an average of 2013-17 marketing-year prices is used to calculate the national normalized prices for 2018, for the 2019 ERS report year). State-level normalized prices for 2018 (for the 2019 ERS report year) were calculated by multiplying the national-level normalized prices by the average ratios of the State-level market-year prices to the national market prices for 2015-17. National price indices are as reported in USDA, National Agricultural Statistics Service (NASS) QuickStats.
Starting with the 2015 report, the hog sector was split into two commodities, barrows & gilts (cwt) and sows (cwt). Starting with the 2016 reporting year, the ERS normalized price data was reduced from the original four-table set to include only tables 1-3 (national-level normalized prices received, national-level price indices, and State-level normalized prices received). Beginning in January 2014, NASS updated its base reference period to 2011 (i.e., 2011=100). Therefore, the original ERS national price indices tables (2 and 3) were consolidated into one table (table 2) (for national-level price indices with the reference period 2011=100). The original table 4 (from earlier reports) has been relabeled here as table 3.
All data are gathered and summarized from official statistics from USDA’s National Agricultural Statistics Service QuickStats.
The next update of the normalized price series is expected to contain estimates for 2019. These estimates should appear at the end of September 2020 as an update to this data product.