'Phenomenal' Pork Prices Should Stick Around

June 14, 2016 12:00 PM
 
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Record pork exports in recent weeks to countries such as Mexico and China suggest pork prices will remain favorable for U.S. producers in the near term.

“Prices look phenomenal right now,” says Craig VanDyke, Top Third Ag Marketing, in an “AgDay” Agribusiness Update interview with host Tyne Morgan. “We closed the week [ending June 4] out at contract highs in July and August hogs.”

Claims China will begin to release stockpiles of its own pork likely are overstated.

“All of a sudden China is backtracking on that action,” VanDyke says. “My best guess this year is China’s going to have no choice but to come our direction. They’ll also import from the EU, but ultimately they’re going to have to come our way.”

The depressed value of the U.S. dollar is making American pork “very competitive globally,” VanDyke adds.

Domestically, pork and also chicken are competitively priced this grilling season, while beef is priced higher. High hog slaughter numbers suggest this is a demand-driven rally, and any supply-side issues will simply add on top of demand in the U.S. and abroad, VanDyke says.

Click the play button below to watch the complete “AgDay” interview with VanDyke.

Want more video news? Watch it on AgDay.
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