Despite heavy weights, pork production was lowered due to a reduction in hog slaughter.
In its latest World Agricultural Supply and Demand Estimates report, the USDA dropped its 2014 pork production expectations to 22.78 billion pounds, down slightly from 22.79 billion pounds reported in August.
“Higher dressed weights are more than offset by a reduction in slaughter,” the USDA explained.
For 2015, the USDA raised its pork production forecast to 23.33 billion pounds.
Hog prices were dropped for both 2014 and 2014 as “recent lower price levels are expected to carry into next year.” The USDA expects barrows and gilts to range between $77 to $78 dollars per hundredweight in 2014. Next year, the USDA forecasts these prices to drop even further, falling between $67 and $73 per hundredweight.
Pork trade was left unchanged.