Market Outlook

See the latest Livestock, Dairy, and Poultry Outlook report.

Summary

Pork/Hogs: Commercial pork production for 2023 is forecast at about 27.4 billion pounds, slightly more than 1 percent above expected 2022 production. Pork exports in 2023 are forecast at about 6.5 billion pounds, 1 percent lower than exports projected for this year. Live equivalent prices of 51-52 percent lean hogs in 2023 are expected to average $71 per cwt, about 1 percent lower than prices forecast for 2022.

Large Year-Over-Year Increases in Retail Animal Product Prices in April

The U.S. Department of Labor’s Bureau of Labor Statistics released consumer price indexes, CPI, for April of this year on May 11. The chart below compares April 2021 and April 2022 CPI for all products, including food, beef, pork, poultry, eggs, and dairy products. The all-items CPI, a measure of inflation in general, increased by 8.3 percent. The inflation rates for food and the selected animal products were larger than the general inflation rate. Poultry at 15.3 percent and eggs at 22.6 percent had the largest percentage increases.