Last month’s U.S.D.A. cold storage report shows 3% less pork in cold storage compared to a year ago. 562 million pounds compared to 580 million.
This is being interpreted as bullish as it indicates despite record pork production it is not backing up in storage. It’s getting sold!
The new Prestage plant in Iowa started harvesting last week. At some point should be 8,000 – 10,000 per day. Prestage owns a lot of hogs, they were being bought by other packers. Now those packers need to fill in these lost hogs. Demand enhances prices.
Good morning DH, and as usual Thanks for your stats, Yes DH I am smiling more and taking less B/P pills!