The National Pork Producers Council (NPPC) released its second quarter pork industry economic update that provides a snapshot of top pork industry issues, current trends, and market conditions impacting pig farmers.
2023 Q2 key takeaways include:
- Pork production increased 2.3 percent through the first quarter, with the USDA now projecting a 1.4 percent annual increase in pork production in 2023.
- Retail, wholesale, and farm level prices show a year-over-year decline
- Pork and variety meat exports gained momentum in Q1.
- From September 2021 to 2022, the total value of wages paid to workers on U.S. pig farms increased 12.1 percent, while the number of workers declined by 0.4 percent.
- Pork producer returns for the remainder of 2023 will be influenced by various factors, including domestic and export pork demand and input prices.
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