USDA raised its U.S. pork production forecast to 23.06 billion pounds from last month's 22.77 billion pounds. The increase reflects the current levels of slaughter and expectations of larger imports of live hogs from Canada. The USDA made the prediction in its February World Supply and Demand report.
The agency left its 2008 pork export forecast unchanged at 3.685 billion pounds, compared to an estimated 3.179 billion pounds in 2007.
USDA slightly lowered its 2008 average price forecast for barrows and gilts (51-52 percent lean) to a range of $41 to $43 per hundredweight from $41 to $44 forecast last month, and compared to an estimated average price of $47.09 in 2007.
To view the report, see http://www.usda.gov/oce/commodity/wasde/latest.pdf