pork prices

In this episode of Feedstuffs Precision Pork, Dave Bauer, senior market analyst for Provimi, offers some hog market perspective and market highlights for the week as well as provides things to think about as we enter the new year.

As that iconic song goes: you have to know when to hold ‘em, know when to fold ‘em, know when to walk away and know when to run. Bauer explains there is a group of producers in China right now running away from the hand they have been dealt. Last week 17% of market hogs in China weighed in at about 198 lb. Normal weights have been 286 lb., which means they are leaving 88 lb. of opportunity on that train bound for nowhere. That’s a lost opportunity of $200 per pig.

An indication that the disease pressure in China is severe right now? Or perhaps pressure from the media’s disclosure of illegal vaccine use? Bauer provides his thoughts.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

In this episode of Feedstuffs Precision Pork, Erin Holmes, Ph.D., swine nutritionist with Provimi, fills in for host Dave Bauer. She offers some hog market perspective and market highlights for the week as well as provides some tips on how to efficiently manage nutrition in the face of high feed costs.

The recent rally in ingredient prices continues to hold. Have we reached a point where prices have demanded acres for this spring? Holmes believes perhaps we have. 

In South America, rains are hindering harvest and replanting of the next crop. At the same time, export demand for U.S. soy to Europe is on the rise. 

In China, reports are that there were large purchases of ethanol and corn this week. This has fueled the market. This is the largest purchase of ethanol seen by China. What’s ahead? Holmes explains.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

In this episode of Feedstuffs Precision Pork, Dave Bauer, senior market analyst for Provimi, offers some hog market perspective and market highlights for the week as well as provides things to think about as we enter the new year.

What could China’s new testing protocols on imported cold-chain items mean for pork coming into that country? Bauer says among other things it  certainly could slow down shipping and clearance times. Even though the World Health Organization does not support China’s claims of COVID on cold-processed items, China continues to test. 

 What about China’s sow herd? Bauer says it’s headed upward according to reports. Where is China at in it's rebuild? Bauer explains. 

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

In this episode of Feedstuffs Precision Pork, Dave Bauer, senior market analyst for Provimi, offers some hog market perspective and market highlights for the week as well as provides things to think about as we enter the new year.

Bauer starts with a word of caution. Specifically forecasts throughout this new year that compare to last year will be risky, he said, reminding all of the unusual events of 2020. 

What does the world market for pork hold? Where is China in regard to a resurgence of ASF? Bauer explains. 

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

In this episode of Feedstuffs Precision Pork, Dave Bauer, senior market analyst for Provimi, offers some hog market perspective and market highlights for the week as well as provides things to think about as we prepare for a new year.

There still a large book of 2020 purchases to be shipped to China but those will likely be rolled into the new year rather than canceled, say Bauer. There was a speed bump on the slaughter side of things this past week as the Columbus Junction pork plant ran into some mechanical issues and diverted hogs to other plants. What has that done to slaughter numbers and what’s been the market impact? What will the upcoming holidays mean for weekly totals? Take a listen.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

In this episode of Feedstuffs Precision Pork, Dave Bauer, senior market analyst for Provimi, offers some hog market perspective and market highlights for the week as well as provides things to think about as we prepare for next week. 

Hog slaughter over the past five weeks has averaged 2.645 million head, down approximately 1.5% over the past couple of weeks, likely due to the Thanksgiving holiday.

Since the Sept. 1st survey of the hogs and pigs estimates, slaughter has run below the U.S. Department of Agriculture estimate, down about 0.05% from last year’s slaughter pace. Now over the next eight weeks and represented by the 50 to 119 lb. estimate from the report, slaughter will likely average 3.5% below last year, or an average of 2.5 million head per week. Taking out the Christmas and New Year holiday weeks, that average moves up to about 2.625 million head. Either way, Bauer said, we are also watching weights increase quickly over the past couple of weeks and we'll have plenty of hogs. The concern will now be can we continue to processing and clear that pork. New pork sales were up 66% last week to 31,300 metric tons, which is up 6% versus the four-week average. Mexico led with 13,000 metric tons of that, or 41%, with China following with 24%, or 7,400 metric tons. 2021 sales of 4,200 metric tons were led by China with 1,400 metric tons or 33% of that total. What’s ahead for future shipments? Bauer explains. 

What too is ahead for profitability? Bauer explains.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

It's the season for that time-honored tradition of getting out the turkey fryer. Although this year travel restrictions will likely reduce the group size at the table, Provimi senior market analyst David Bauer encourages you all to take time to prepare your own personal feast of celebration and maybe even to consider pork as an option. He’s just not sure how exactly that loin will cook up in the fryer. 

The accumulated slaughter over the past five weeks has averaged 2.688 million head, according to Bauer. Over that period, the average weekday kill has been 485,760 head. The first four days this week averaged 491,500 head, but the three-week average for Friday has been just over 483,000 head. So, let's say we're able to reach 480,000 head Friday and right now Saturday is estimated at 279,000 head that would produce a 2.75 million head kill for the week. Unless USDA comes back with adjustments on Monday due to plant or labor issues, Bauer believes that should stick. Weights were up 1.5 lb. last week, as year-to-date slaughter remains 1% over last year with pork production 1.8% over last year. Bauer believes non-holiday weeks into yearend could remain either side of 2.7 million head per week, unless there are issues around plant or plant labor due to COVID concerns. New pork sales fell 22% from last week.

China has slowed down on new purchases and Bauer thinks we need to get used to that. Although year to date accumulated shipments and outstanding sales are currently 118% of last year, he said we won't see those kinds of numbers in 2021 as herd growth in China and a gradual increase in pork production is anticipated.

What’s ahead for profitability? Bauer explains.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

This week’s hog market brought an accumulated slaughter after the first four days that was the strongest opening for any week since the big kills back in March, according to Dave Bauer, senior market analyst with Provimi.

If this average is added to this Saturday's estimate of 272,000 head, this week's killed could land at 2.73 million head, 1.5% over last week and 1% over last year. In recent months, this week would be second only to the 2.73 million head over four weeks ago.

Bauer noted that if this kill holds up for the week, chain speed would now be just 1.5% below the stated weekly capacity of 2.767 million head. This is a great milestone for the packer and the efforts of management and the labor force should be applauded. 

Net new pork sales this week were up 46% over last week and up 18% versus the four-week average. Mexico, once again led with 35% of the total followed by China at 24.5%. New 2021 sales of 800 metric tons suggest that maybe last week 7,000 metric ton sale may have been a blip on the map, but hopefully we can see bigger 2021 sales start to be commonplace, said Bauer.

What’s ahead for producer profit margins? What influence might the grain market have? Is $9.50 corn ahead? Bauer explains.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

This has been a week of strong kills, logging another day on Tuesday at 492,000 head. Packers continue to have high hopes each day, aiming for those 2.7 million head weekly kills. Still, there are some feelings that COVID fears may be creating concerns to labor again, says Dave Bauer, senior market analyst with Provimi. This latest resurgence of COVID cases in rural America, even though more in the non-processing community, doesn't keep plant workers from being concerned about being around crowds. 

Over the past three Fridays, kills have averaged 487,000 head and approximately 260,000 head over the past three Saturdays. With those kinds of numbers this week, we would have a chance at 2.7 million head killed. That is, of course, if Thursdays 492,000 head estimate stands and isn't adjusted lower. Weekly runs of 2.7 million head seem to be getting harder to achieve, says Bauer.

Producer weights have plateaued over the past couple of weeks, around 214 lb. and packer weights have backed off a pound or so. There has been an abrupt correction to prices. Depending on how the cutout finishes, the week will dictate packer appetite for market hogs come Monday. Pork exports on Thursday, put net 2020 sales at 29,000 metric tons with 2021 new sales of 7,000 metric tons, for a combined 35,000 metric tons of new forward sales. Bauer says it been a great week, for sure, and all in the absence of China only taking 2,500 metric tons of pork. What can we expect from China in the near term? What’s ahead in terms of profitability for producers? Bauer gives his thoughts in this latest episode of Feedstuffs Precision Pork. 

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

While crop damage and crop loss are real and impactful, the recent storm that rolled over the Midwest, particularly parts of Iowa, took an even far greater toll. The real story is with the people in those cities and areas hard hit. Seeing it first-hand on recent trip through the area, Provimi senior market analyst, David Baur provides his perspective in leading off this week’s episode of Feedstuffs Precision Pork.

In the hog world, Bauer believes sow herd reductions are going to reduce production in the last half of 2020. He notes there are signs of upside technical momentum on the charts.

The September hogs and pigs survey is being conducted and wraps up by Sept. 1. Market discussions now speak directly to the sow herd, summer pig crops and June's estimate for reduced fall farrowing, says Bauer.

Bauer believes this is all price positive. What's the word on forward profitability? He fills us in on that as well. Among other things, he says we are seeing more producers being able to reduce feed costs by bringing DDGs back into diets. 

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

Today’s markets are dealing with many varied and unforeseen influences, says Dave Bauer, senior market analyst for Provimi.

For example, Bauer points out that back in the spring, when COVID was first unfolding, the fear of the unknown put the weekly average cutout price in a three-week tailspin, down 32%. Then as hoarding became a thing, there came a 115% rally in just five weeks. Over the next seven weeks when people stopped hoarding toilet paper and meat long enough to realize how unwarranted their actions had been, the cutout fell to a secondary low. Current trends, as we know them, definitely for 2020, provide no predictive value when it comes to predicting what’s ahead. In fact, Bauer says as you're comparing to prior years, don't use 2020 as part of an average. This is similar to when we would leave 2014 out of an average because it was such an outlier. 

Speaking of trends, weekly pork exports this past week are starting to reflect a trend, but it's not a favorable trend, says Bauer. Net pork sales on Thursday, were only 10,500 metric tons, down 66% from last week and down 70% versus the four-week average. Mexico took 84% of that total. The biggest concern of this trend that's building, he notes, is the lack of China purchases over the past couple of weeks. In this episode, Bauer explains what’s behind all of that.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com
 

The U.S. slaughter industry is centuries old and has taken decades to get where it is today. Still, claims against the industry over the past year have some questioning whether it should be dismantled.

In this episode of Feedstuffs Precision Pork, Dave Bauer, senior market analyst for Provimi, provides his perspective on the slaughter sector and why he believe during the time of crisis, like the industry has been in, is not when such ideas should be put in motion. 

So maybe it's not time to destroy the house they built just yet, but rather figure out how it can be more efficient and effective, says Bauer. 

As an industry he noted, we've come to rely just as heavily, perhaps even more so on the U.S. Department of Agriculture’s weekly pork exports. Bauer raise the discussion point of who has controlled that in the past year. Yep, China. 

That said, China's rate of importing commodities is slowing as the global COVID resurgence has led China to impose greater limitations on import testing. So what’s the market look like and what’s ahead, Bauer walks us through his thinking. In doing so, he notes that the U.S. cannot rely on exports alone to get it out of the current supply issue. Disrupting plants won't work either. Nobody wants to hear it, but the solution would be to reduce production, says Bauer.

And what's the word on forward profitability? Well, strong pork export trends through July translated into strength in cash hogs, pork products and futures contracts, providing measurable improvement in margin. But again, to be clear, Bauer points out that those price improvements merely helped to reduce losses, not put producers in the black, 

The most positive note, he said, is that weights have now fallen to 208 to 210 lb. per carcass. What does that all mean? Take a listen. 

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

The COVID quarter, one of the worst quarters in global history, ends today and initial ideas are that second quarter GDP is estimated to have fallen by 32.9%, according to Provimi market analyst Dave Bauer. The U.S. also had the largest one-day sale of corn ever this past week to China at 1.9 metric tons, or approximately 76 million bushel. Pork exports sales this week were just under 40,000 metric tons, up 24% over last week and up 12% versus the four-week average. Of course, China led those purchases with 45% of the total, followed by Mexico, taking 40%. For the first time in a few weeks, actual shipments did slow down 12% versus last week and 3% below the prior four-week average, but still a strong number of 31,500 metric tons.

On the topic of slaughter plants, it was a tough start to the week. Mechanical and labor issues reduce the estimated kill by 22,000 head on Monday. But the rest of this week found its stride and the estimate for a 2.5 plus million head kill is again expected. Kill floors are maintaining a weekly run of roughly 93% of capacity, but now processing floors need to get out of the mid to upper 80% range and up to match the kill floor run rates. The challenge to get employees back to work are real and plants are doing all they can to create safe work environments. 

And what's the word on forward profitability? Take a listen.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

In this week’s episode of Feedstuffs Precision Pork, Dave Bauer, senior market analyst for Provimi, recaps some pork industry and market highlights for the week and lists some of the things to think about as we prepare for next week.

This has been a good week with hog market trends again finding some solid traction, and that traction has provided a bit of a tailwind, says Bauer. He believes the market has some momentum to look forward to in the next week. 

In the markets this week, USDA’s weekly new pork sales were reported at 31,800 metric tons, down 17% versus last week and down 4% versus the four-week average. These sales fell short of expectations. As based on the strength seen in hams over the past several days, Bauer says expectations were not for this 17% drop. 

Still, Bauer says not to worry. Think of it this way. This just means that even though we didn't see the big ham sales for export, we've obviously had some strong domestic demand to drive hams higher. 

This could be one of the best weeks we've seen for price strength in a long time, and what does this all translates into on the topic of forward profitability? Bauer says when he plugs the $2.25/cwt. CME index gains into the big flash model, this has improved nearby profitability by $4.50 cents/head. Yes, this still generates losses of $20 to $40 per head, depending on the market are producers connected to, but in these challenging times, reducing loss, this is a welcome site, he says.

Bauer notes that this improvement is a direct result of the pickup in demand and is reflected in the bull spreads. As long as this nearby demand driven strength continues, he believes we can continue to improve the forward outlook. Still this isn't without some very large challenges ahead. Even with those challenges, Bauer remains optimistic about what’s ahead. Take a listen. 

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

Hog plants have put together a second week in a row of kills over 2.5 million head, hanging around that 92% of capacity level, while processing utilization follows in the mid 80% range. Cash hog and pork product trends have stabilized and hog futures have made a respectable stand and at the very least have created a short-term technical bottom through a 13-session, 13% rally off recent lows, according to Dave Bauer, market analyst with Provimi.

In this episode, he notes that USDA pork exports sales of 38,500 metric tons were up 22% versus last week, and up 16% versus the four-week average. Mexico led the purchase party with 10,100 metric tons, or 26%, followed by China with 8,000 metric tons, or 21% of the total. China led weekly shipments category taking 42%, or 12,300 metric tons of the total 29,300 metric tons shipped.

Just as the county fair goes hand in hand with hot summer days, weather watching and pollination season are coming fast. So even with daily export sales of corn to China reaching record levels, a moderating weather pattern and timely rains have dampened the recent 12% rally in corn and 8% rally in beans. But don't worry, the weather can change quickly, says Bauer.

On the topic of forward profitability, anytime we see values improve, as we have this past week, it helps to improve the forward outlook. However, in these challenging times, maybe the best producers can hope for in the short term is to talk about focusing on reducing losses rather than receiving profits. When we see the bull spreads take hold like they have this week where the lead contract August hogs is now premium to the second contract October by a $1.50 to a $1.80, this is a good sign. Still, Bauer believe the journey to profitability will be long, and we have a backlog of market ready hogs to get through before we can think about positive returns.

“The one encouraging thing that I've heard this week is that there are some small signs of slowing down production that I'm starting to see along the way. Don't misunderstand we will still have strong numbers and need to see slaughter and processing run at full capacity, whatever that is. But if we have started reducing placements, even just slightly over time, this will offer some needed relief on fall inventories. These are simply some early signs and not to be construed as bullish this time,” says Bauer.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

We start this week with a message of unity and urging to stay strong, America. We will get through these challenging times, says Feedstuffs Precision Pork host and Provimi market analyst Dave Bauer.

In the news this week, the U.S. Department of Agriculture released its monthly export report. Bauer walks us through that and what it all means. 

Also addressed are daily slaughter rates, which have reached as much as 92% of capacity, resulting in a couple of weeks of 2.59 million and 2.62 5 million head kills. Bauer explains that packer run rates are no longer the headline story. Yes, they are still key, but the focus now turns to processing and food service capacity. “It's now their turn to drive supply chain recovery, and the resulting demand will drive price recovery,” says Bauer.

Slaughter may be back at 92% of daily capacity but it has been at a cost to product values. The supply chain is like a multidimensional puzzle and run rates are but one dimension of that puzzle, says Bauer.

On the topic of profitability, the forward curve is holding value and on Thursday even made some technical moves higher. It still is dependent on when we can reduce the backlog of market animals created by disrupted supply chain per USDA, says Bauer.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

In this episode, Dave Bauer, market analyst with Provimi, takes a deep dive into the U.S. Department of Agriculture’s recent WASDE report that showed total new crop ending stocks at 3.3 billion bushels.

In terms of pork supply, USDA has added 1.2% to pork production and increased per capita pork consumption by 1.4% for the year. USDA also released export sales, putting total pork sales at 17,200 metric tons, down 100 metric tons from last week and up 60% versus the average of the past four weeks. 

Bauer also talks about who is doing what buying and notes how there’s been a lot of rhetoric about China reducing U.S. commodity purchases, but yet their actions aren’t really proving that to be the case. Recovery from the impacts of COVID-19 seem to be happening quicker than expected, and that’s a good thing for the hog sector, says Bauer.

What’s head for the market? Take a listen to find out. 

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

It's been a busy few days since the last Feedstuffs Precision Pork podcast, starting with the gateway holiday to summer last weekend that highlighted a mixture of reopening of parks, communities and lakes across the country, waving American flags, World War II flyovers and a chance at history with the Falcon Nine launch that ended up being canceled due to bad weather. Also, throughout the week, China caught the headlines with an early week purchase of soybeans and a midweek purchase of U.S. corn, but was the move by China mostly PR motivated? Dave Bauer, market analyst for Provimi, gives his thoughts.

The events in Hong Kong this week and fear of mounting tensions between the U.S. and China continued to create doubt and volatility in U.S. price trends. Although there was some really positive news this week, there have been challenges as well, creating larger problems in the way of downside pressures on both futures and domestic cash markets. We take a look at what that may mean.

On the hog side, even with chain speeds ramping up, the growing backlog of hogs will take months to work through and cash and futures trends are reflecting this. The measure of profitability, or the lack of, only comes if you can get hogs slaughtered. Yes, the daily harvest is growing but the range in returns for producers is varied depending on plant and the market those hogs are being priced on. What should we be thinking about for next week? 

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com

In this week's episode of Feedstuffs Precision Pork, market analyst Dave Bauer of Provimi, recaps some pork industry and market highlights and lists some of the things to think about in preparation for next week. 

Memorial Day Weekend. It is when summer officially kicks off. Thank you to all of those fallen soldiers ahead of us. To all current veterans, active service men and women and healthcare workers and first responders, all the best. To everyone else, be safe and eat gobs of pork this weekend. 

The U.S. Department of Agriculture released its monthly cold storage report May 21. Over the past three years, there has typically been an average 4.5% built in the April over March inventory. Inventory supply chain disruption at the plant production level has simply restricted inventory from building at a time when both domestic and export drivers are competing for those limited supplies. This is adding an interesting twist to the market, according to Bauer.

Weekly pork exports took an alternative tone this past week as net pork sales were actually negative, reflecting a drop of 5,800 metric tons. This is what happens when the U.S. wholesale pork market adds 112% in value over four weeks. The run from $53 to $115/cwt. really changed the dynamic of trade and in this week's report, all the major players had cancellations listed in their net sales and shipments. Bauer explains what to expect in the coming week in terms of buying.

Daily harvest is growing and now running at about 80% of pre-code levels, but, as Bauer explains, the range in profitability is still $50 to $75 a head. What should you be thinking about for next week? Take a listen and get the scoop here.

These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week's recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com . Thanks for listening and make sure you plan today for tomorrow’s success. 

Follow Feedstuffs Precision Pork on your favorite podcast platform or find it on www.Feedstuffs.com and www.NationalHogFarmer.com.