USDA reduced its pork export forecast for 2008 by 125 million pounds to 5.318 billion pounds, based on recent weakness in shipments.
Industry analysts have been concerned for weeks that the strengthening dollar, the global recession and China’s increased domestic pork production could all weigh on what previously seemed an unstoppable trajectory of increasing pork exports.
In its World Supply and Demand Estimates report, USDA also raised its total pork production forecasts for both 2008 and 2009. It put 2008 production at 23.550 billion pounds, up from 23.495 billion pounds forecast in September. It put 2009 pork production at 23.164 billion pounds, up from 22.999 billion pounds forecast last month.
USDA said stronger than expected increases in pigs per litter have outpaced expected reductions in sow farrowings into early 2009.
Source:
MeatingPlace.com, Oct. 10, 2008
By Janie Gabbett