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2011 Midwest/Great Plains & Western Outlook Conference. Hog & Pork Outlook Louisville, August 15-16. Ron Plain D. Howard Doane Professor of Agricultural Economics University of Missouri-Columbia http://web.missouri.edu/~plainr/. Annual U.S. Pork Production, 1930-2011. - PowerPoint PPT Presentation
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Ron PlainD. Howard Doane Professor of Agricultural EconomicsUniversity of Missouri-Columbiahttp://web.missouri.edu/~plainr/
Hog & Pork Outlook Louisville,
August 15-16
2011 Midwest/Great Plains & Western Outlook Conference
Annual U.S. Pork Production, 1930-2011
0
5
10
15
20
2519
30
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
Billion Poundsactual 1.5% trend
2011 U.S. pork production expected to be on trend
Corn, Average Price Received, Monthly, 1987-2011
0
1
2
3
4
5
6
719
87
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
$ pe
r bus
hel
Source: USDA/NASS
Cost of Slaughter Hog ProductionIowa State University Calculations, 1987-2011
35
40
45
50
55
60
65
70
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Marketing Month
$ Per Live Cwt
Source: John Lawrence, Iowa State University
Corn Price & Cost of Hog ProductionMonthly, 1987-2011
25
30
35
40
45
50
55
60
65
70
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
0
1
2
3
4
5
6
7Hog CostCorn $
Source: John Lawrence, Iowa State University
Corn Price & Cost of Hog ProductionMonthly, 1987-2011
25
30
35
40
45
50
55
60
65
70
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
0
1
2
3
4
5
6
7Hog CostCorn $
Source: Shane Ellis, Iowa State University
$6.70 corn implies hog cost at $68/cwt live or $89/cwt car.
Iowa Farrow to Finish Profits, 1997-2011Iowa State University Calculations
-70
-50
-30
-10
10
30
50
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
$ Per Head
Source: Shane Ellis, Iowa State University
Monthly Profit Per Pig
-80-60-40-20
020406097
&07
98&
08
99&
09
00&
10
01&
11
02&
12
Dollars 1997-02 2007-11
Source: Shane Ellis, Iowa State University
Correlation of Profit & Lagged Hog Slght
-20
-10
0
10
2082
-1
84-1
86-1
88-1
90-1
92-1
94-1
96-1
98-1
00-1
02-1
04-1
06-1
08-
1
10-
1
%ChDaHogSlt Lag 5 Qtr Profit
U.S. Meat Exports, 2000-2011
0
100000
200000
300000
400000
500000
600000
700000
800000
Jan-00
Jul Jan-01
Jul Jan-02
Jul Jan-03
Jul Jan-04
Jul Jan-05
Jul Jan-06
Jul Jan07
Jul Jan08
Jul Jan09
Jul Jan10
Jul Jan11
Ttho
usan
d po
unds
Beef Pork Broiler Turkey
U.S. Pork Imports & Exports
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,000
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
Mill
ion
Poun
ds
Imports Exports
U.S. Pork Imports & Exports, 2000-2011Monthly Carcass Weight Equivalent
0
100
200
300
400
500
600Ja
n-00
Jan-
01
Jan-
02
Jan-
03
Jan-
04
Jan
-05
Jan
-06
Jan
07
Jan
08
Jan
09
Jan
-10
Jan
11
Mil. lbs.
Imports Exports
U.S. Pork Imports & Exports as % of U.S. Pork Production, 2006-2011
Monthly Carcass Weight Equivalent
0
5
10
15
20
25
30 J
an 0
6
APR JU
L
OC
T
Jan
07
APR JU
L
OC
T
Jan
08
APR JU
L
OC
T
Jan
09
Apr Ju
l
Oct
Jan
10
Apr Ju
l
Oct
Jan
11
Apr
% o
f Pro
duct
ion
Imports Exports
U.S. Pork Exports, 2006-2011Monthly Carcass Weight Equivalent
0
20
40
60
80
100
120
140
160Ja
n-06
Jan-
07
Jan-
08
Jan
-09
Jan
-10
Jan
-11
Mil. lbs.
Japan Canada MexicoRussia S Korea China HK
Frozen Pork & U.S. Pork Exports, 2000-2011
0
100
200
300
400
500
600
700
Jan-00
Jul Jan-01
Jul Jan-02
Jul Jan-03
Jul Jan-04
Jul Jan05
Jul Jan06
Jul Jan07
Jul Jan08
Jul Jan09
Jul Jan10
Jul Jan11
Jul
Mill
ion
poun
ds
Cold Storage Exports
U.S. Hog Imports from Canada
0100,000200,000300,000400,000500,000600,000700,000800,000
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Head per mo.
Slaughter Hogs Feeders Pigs
U.S. Per Capita Meat Consumption
0102030405060708090
10019
45
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
Pounds Pork Beef Broilers Turkey Fish
Source: USDA/ERS
U.S. Per Capita Meat Consumption
150160170180190200210220230240250
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
Pounds
Source: USDA/ERS
Grains, Feed and Residual
0
1
2
3
4
5
6
7
819
78
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
Bil. Bushels
DDGS
Wheat
Oats
Barley
Sorghum
Corn
Forecast Change in Meat Production
--Percent Change-- Type 2010-112011-12
Beef - 0.7% - 4.3%Pork +1.0% +1.6%Chicken +1.3% +1.0%Turkey +2.4% +0.4%All Meats +0.7% - 0.4%
Source: USDA-OCE WASDE, August 2011
Change in Retail Meat DemandBase Elasticity = - 0.75
-8-6-4-202468
1020
02 >
May
Sep
200
3M
aySe
p 2
004
May
Sep
2005
>M
aySe
p20
06 >
May
Sep
2007
>M
aySe
p20
08>
May
Sep
2009
>M
aySe
p20
10>
May
Sep
2011
>M
ay
% change from year ago
Source: Ron Plain, University of Missouri
Change in Pork DemandBase Elasticity = - 0.75
-12
-7
-2
3
8
2002
>M
aySe
p 2
003
May
Sep
200
4M
aySe
p20
05 >
May
Sep
2006
>M
aySe
p20
07>
May
Sep
2008
>M
aySe
p20
09>
May
Sep
2010
>M
aySe
p20
11>
May
% change from year ago
Source: Ron Plain, University of Missouri
Change in Pork Export DemandBase Elasticity = - 0.5
-50-30-101030507090
110
2002
>M
aySe
p 2
003
>M
aySe
p 2
004
>M
aySe
p20
05 >
May
Sep
2006
>M
aySe
p20
07>
May
Sep
2008
>M
aySe
p20
09>
May
Sep
2010
>M
aySe
p20
11>
May
% change from year ago
Source: Ron Plain, University of Missouri
Change in Hog DemandBase Elasticity = - 0.2
-12
-7
-2
3
8
13
1820
02 >
May
Sep
200
3M
aySe
p 2
004
May
Sep
2005
>M
aySe
p20
06 >
May
Sep
2007
>M
aySe
p20
08>
May
Sep
2009
>M
aySe
p20
10>
May
Sep
2011
>M
ay
% change from year ago
Source: Ron Plain, University of Missouri
Retail Boneless Pork Prices Retail Prices, Monthly, 2001-2011
250
300
350
400
450
500 2
001
>M
ay Sep
2002
>M
ay Sep
200
3 >
May Sep
200
4 >
May Sep
2005
>M
ay Sep
2006
>M
ay Sep
2007
>M
ay Sep
2008
>M
ay Sep
2009
>M
ay Sep
2010
>M
ay Sep
2011
>M
ay
Cents/lb
Bacon Chops Ham
Source: USDA/ERS
Growth in Real GDP
-10-8-6-4-20246
05-
1
05-
3
06-
1
06-
3
07-
1
07-
3
08-
1
08-
3
09-
1
09-
3
10-
1
10-
3
11-
1
Perc
ent C
hang
e
Source: U.S. Commerce Department
U.S. Unemployment Rate, Seasonally Adjusted, 1996-2011
3456789
1011
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Perc
ent
Source: Bureau of Labor Statistics
Average Duration of Unemployment
Current Situation
• The government is broke, unemployment is high, the stock market has collapsed, the economy is barely growing, and consumer confidence is the lowest since May 1980.
• Needless to say, this is not good for domestic meat demand.
U.S. Swine Breeding Herd, 1999-2011
5700
5800
5900
6000
6100
6200
6300
Dec 99
Dec 00
Dec 01
Dec 02
Dec 03
Dec 04
Dec 05
Dec 06
Dec 07
Dec 08
Dec
09
Dec
10
Tho
usan
d H
ead
Canadian Swine Breeding Herd, 2000-2011
1200
1250
1300
1350
1400
1450
1500
1550
1600
1650
1700
Jan 0
0
Jan 0
1
Jan 0
2
Jan 0
3
Jan 0
4
Jan 0
5
Jan 0
6
Jan 0
7
Jan 0
8
Jan 0
9
Jan 1
0
Jan 1
1
Tho
usan
d H
ead
Hog Inventory Reports U.S. June Canada April
All Hogs & Pigs 100.5 101.4 Kept for Breeding 100.3 99.6 Kept for Marketing 100.6 101.6 Under 50 lbs 100.1 101.3 50-119 lbs. 99.8 99.5 120-179 lbs. 103.3 104.0 180 lbs. and over 99.5 Sep-Nov Farrowings 98.8 98.6 Dec-Feb Farrowings 99.4 97.9 Mar-May Farrowings 98.2 100.7 Jun-Aug Farrowing Intentions 97.4 99.8 Sep-Nov Farrowing Intentions 98.9
Hog Inventory Reports U.S. June Canada April
All Hogs & Pigs 100.5 101.4 Kept for Breeding 100.3 99.6 Kept for Marketing 100.6 101.6 Under 50 lbs 100.1 101.3 50-119 lbs. 99.8 99.5 120-179 lbs. 103.3 104.0 180 lbs. and over 99.5 Sep-Nov Farrowings 98.8 98.6 Dec-Feb Farrowings 99.4 97.9 Mar-May Farrowings 98.2 100.7 Jun-Aug Farrowing Intentions 97.4 99.8 Sep-Nov Farrowing Intentions 98.9
Which is important? More sows or fewer litters?
Daily Hog Slaughter by Quarter
-10-8-6-4-202468
10D
JF99
DJF
00
DJF
01
DJF
02
DJF
03
DJF
04
DJF
05
DJF
06
DJF
07
DJF
08
DJF
09
DJF
10
DJF
11
% change from yr. ago
Breeding Herd by Quarter
-10-8-6-4-202468
10D
JF99
DJF
00
DJF
01
DJF
02
DJF
03
DJF
04
DJF
05
DJF
06
DJF
07
DJF
08
DJF
09
DJF
10
DJF
11
% change from yr. ago
Hog Slaughter & Breeding Herd by Quarter
-10-8-6-4-202468
10D
JF99
DJF
00
DJF
01
DJF
02
DJF
03
DJF
04
DJF
05
DJF
06
DJF
07
DJF
08
DJF
09
DJF
10
DJF
11
% change from yr. ago
Br Herd D Hog Slt
Correlation = 0.20
Sows Farrowed by Quarter
-10-8-6-4-202468
10D
JF99
DJF
00
DJF
01
DJF
02
DJF
03
DJF
04
DJF
05
DJF
06
DJF
07
DJF
08
DJF
09
DJF
10
DJF
11
% change from yr. ago
Sows Farrowed & Hog Slaughter by Quarter
-10-8-6-4-202468
10D
JF99
DJF
00
DJF
01
DJF
02
DJF
03
DJF
04
DJF
05
DJF
06
DJF
07
DJF
08
DJF
09
DJF
10
DJF
11
% change from yr. ago
Sows Far D Hog Slt
Correlation = 0.78
U.S. Sows Farrowed by Quarter
-6
-4
-2
0
2
4
6
8
10D
JF99
DJF
00
DJF
01
DJF
02
DJF
03
DJF
04
DJF
05
DJF
06
DJF
07
DJF
08
DJF
09
DJF
10
DJF
11
% change from yr. ago
Canada Sows Farrowed by Quarter
-10
-5
0
5
10
15JF
M99
JFM
00
JFM
01
JFM
02
JFM
03
JFM
04
JFM
05
JFM
06
JFM
07
JFM
08
JFM
09
JFM
10
JFM
11
% change from yr. ago
Sows Farrowed-U.S. & Canada Combined
-6
-4
-2
0
2
4
6D
JF99
DJF
00
DJF
01
DJF
02
DJF
03
DJF
04
DJF
05
DJF
06
DJF
07
DJF
08
DJF
09
DJF
10
DJF
11
% change from yr. ago
Weekly F.I. Sow Slaughter
40
45
50
55
60
65
70
JAN
FEBMAR
APRMAY
JUN
JUL
AUGSEP
OCTNOV
DEC
Thousand Head
2010 2011
2011 sow slaughter is down 0.2%
Source: USDA/AMS
Slaughter of U.S. Sows
35
40
45
50
55
60
Thousand Head
2010 2011
2011 slaughter of U.S. sows is up 2.8%
Source: USDA/AMS
Weekly Slaughter of U.S. Sows
0.5
0.6
0.7
0.8
0.9
1.0
1.1
% o
f Inv
ento
ry
2010 2011
Source: USDA/AMS & Ron Plain
Estimated Gilt Retention & Sow Loss, 2010-11GG Cattle & Hog Fax
0
20
40
60
80
100
12020
10 Feb
Mar Apr
May Ju
n
Jul
Aug Se
p
Oct
Nov
Dec
2011 Feb
Mar Apr
May Ju
n
Jul
Thou
sand
Hea
d Pe
r Wee
k
Gilts RetainedSow Loss
Source: Ron Plain, University of Missouri
Actual & Predicted Change in B&G SlaughterU.S. Weekly F.I. Hog Slaughter, 2011
-4
-2
0
2
4
6
820
11 Feb
Mar
Apr
May
Jun
Jul
Aug Se
p
Oct
Nov Dec
% change from yr. ago
Actual USDA Jun Forecast
Hog Slaughter Plant Closings• February 2000 AVA Pork-Shamokin, PA• June 2000 Farmland-Dubuque, IA• July 2001 Excel-Marshall, MO• December 2001 AMPAC/Iowa Pork-Chicago, IL• January 2003 Hormel-Rochelle, IL• May 2004 RC Pork-Downs, KS• September 2005 Smithfield-Smithfield, VA• March 2006 Bryan Foods-West Point, MS• January 2009 Meadowbrook-Rantoul, IL• April 2010 Morrell-Sioux City, IA
Triumph plans to build in East Moline, someday
Weekly Gross Pork Packer Margin, 200 Pound Carcass
0
10
20
30
40
50
60
JAN APR JUL OCT
$ pe
r Hea
d
Avg 02-09 2010 2011
Calculation: Byproduct + Cutout – Negotiated net
U.S. Pigs Per Litter by Quarter
-1
-0.5
0
0.5
1
1.5
2
2.5
3D
JF99
DJF
00
DJF
01
DJF
02
DJF
03
DJF
04
DJF
05
DJF
06
DJF
07
DJF
08
DJF
09
DJF
10
DJF
11
% change from yr. ago
Barrow & Gilt Live WeightsIowa-Minnesota Weekly Average
257
259
261
263
265
267
269
271
273
275
277Pounds
2008
2009
2010
2011
Source: USDA/AMS
Barrow & Gilt Live WeightsIowa-Minnesota Annual Average
220
230
240
250
260
270
28019
81
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
Pounds
Actual Trend
Weekly Pork Production
300320340360380400420440460480500
Jan Apr Jul Oct
Mill
ion
Poun
ds
2002-09 2010 2011
Source: USDA AMS
U.S. Retail Pork Prices, 2000-2011
200
220
240
260
280
300
320
340
360Ja
n 00
Jan
01
Jan
02
Jan
03
Jan
04
Jan
05
Jan
06
Jan
07
Jan
08
Jan
09
Jan
10
Jan
11
Cen
ts P
er P
ound
Retail Pork Prices
250260270280290300310320330340350
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Cen
ts/p
ound
2000-08 2009 2010 2011
Source: BLS & USDA/ERS
Record high
Hog Cutout Value, Weekly
4550556065707580859095
100105110115
$ per cwt.
Avg.2004-082009
2010
2011
Source: USDA/AMS
Barrow & Gilt Negotiated Base Price
50556065707580859095
100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2002-09 2010 2011
Source: USDA Prior Day Slaughter reports
$/cwt
National Base Slaughter Hog Price, Weekly
4550556065707580859095
100105
$ per cwt.
Avg.2004-082009
2010
2011
Source: USDA Prior Day Purchased reports
10# Early Weaned Pigs, Delivered, Weekly
10
15
20
25
30
35
40
45
50
55
60$ per head
Avg.2004-082009
2010
2011
Source: USDA/AMS
Pork Cutout and Hog Price, Weekly, 2009-2011
50
60
70
80
90
100
110
12020
09 Apr Ju
l
Oct
2010 Apr Ju
l
Oct
2011 Apr
$/cw
t
CutoutCarcass
Source: USDA/AMS
Hog Base Price as Percent of Pork Cutout, Weekly, 2008-2011
80
85
90
95
100
105
11020
08
2009
2010
2011
Perc
ent
Source: USDA/AMS
Commercial Hog Slaughter Forecast Million Head
*actual
2010 2011 2012
Qtr 1 27.630* 27.486* 27.450
Qtr 2 26.074* 26.113* 26.300
Qtr 3 26.930* 27.250 27.100
Qtr 4 29.626* 29.250 29.980
Year 110.260* 110.099 110.830
------Change------ 10-11 11-12.
- 0.5% - 0.1%
+ 0.2% +0.7%
+ 1.2% - 0.5%
- 1.3% +2.5%
- 0.1% +0.7%Note: Q1 10 & Q4 11 & Q3 12 have only 63 slaughter days
Iowa-Minn Hog Price ForecastNegotiated Base Price Per Carcass Hundredweight
2009 2010 2011 2012Qtr 1 $57.23* $66.81* $78.95* $80-84
Qtr 2 $57.32* $79.04* $91.80* $87-91
Qtr 3 $51.43* $79.44* $95-98 $86-90
Qtr 4 $54.98* $65.20* $80-84 $76-80
Year $55.23* $72.67* $86-88 $82-85*actual price – prior day purchased
Iowa-Minn Live Hog Price ForecastNegotiated Live Base Price Equivalent
2009 2010 2011 2012Qtr 1 $43.49* $50.78* $60.00* $61-64
Qtr 2 $43.56* $60.07* $69.77* $66-69
Qtr 3 $39.09* $60.37* $72-75 $65-68
Qtr 4 $41.78* $49.56* $61-64 $58-61
Year $41.97* $55.19* $66-68 $62-65
*actual carcass price x 76%
U.S. Hog Net Carcass Price, Monthly Average, 2002-2011
30405060708090
100110120
Jan
02
Jan
03
Jan
04
Jan
05
Jan
06
Jan
07
Jan
08
Jan
09
Jan
10
Jan
11
Jan
12
Jan
13
Dolla
rs P
er C
wt
Cash Futures
Thru Feb 2013 all hog futures contracts are above $80 per cwt
Major Uncertainties• Domestic meat demand• Exchange rates & exports• Feed costs• Governmental policy
– Bio fuels– GIPSA– Animal rights
Frozen Pork, 2000-2011, Start of the Month
300
350
400
450
500
550
600
650
700
Jan00
JUL Jan01
JUL Jan02
JUL Jan03
Jul Jan04
Jul Jan05
Jul Jan06
Jul Jan07
Jul Jan08
Jul Jan09
Jul Jan10
Jul Jan11
Jul
Mill
ion
Poun
ds
U.S. Pork Exports, 2000-2011Monthly Carcass Weight Equivalent
0
100
200
300
400
500
600Ja
n-00
Jan-
01
Jan-
02
Jan-
03
Jan-
04
Jan
-05
Jan
-06
Jan
07
Jan
08
Jan
09
Jan
-10
Jan
11
Mil. lbs.
Change in Domestic Beef DemandBase Elasticity = -0.75
-10
-5
0
5
10
1520
02 Apr Ju
lO
ct20
03 Apr Ju
lO
ct20
04 Apr Ju
lO
ct20
05 Apr Ju
lO
ct20
06 Apr Ju
lO
ct20
07 Apr Ju
lO
ct20
08 Apr Ju
lO
ct20
09 Apr Ju
lO
ct20
10 Apr Ju
lO
ct20
11 Apr
% C
hang
e Y
ear
Ago
Source: Ron Plain, University of Missouri
Sows Farrowed & Breeding Herd by Quarter
-10-8-6-4-202468
10D
JF99
DJF
00
DJF
01
DJF
02
DJF
03
DJF
04
DJF
05
DJF
06
DJF
07
DJF
08
DJF
09
DJF
10
DJF
11
% change from yr. ago
Sows Far Br Herd
Sows Farrowed, Breeding Herd & Hog Slaughter by Quarter
-10-8-6-4-202468
10D
JF99
DJF
00
DJF
01
DJF
02
DJF
03
DJF
04
DJF
05
DJF
06
DJF
07
DJF
08
DJF
09
DJF
10
DJF
11
% change from yr. ago
Sows Far Br Herd D Hog Slt
U.S. Swine Breeding Herd, 1999-2011
5700
5800
5900
6000
6100
6200
6300
Dec 99
Dec 00
Dec 01
Dec 02
Dec 03
Dec 04
Dec 05
Dec 06
Dec 07
Dec 08
Dec
09
Dec
10
Tho
usan
d H
ead
U.S. Sows Farrowed, 2000-11
2500
2600
2700
2800
2900
3000
3100
3200
3300
Mar 00
Mar 01
Mar 02
Mar 03
Mar 04
Mar 05
Mar 06
MAM 07
MAM 08
MAM 09
MAM10
MAM 11
Tho
usan
d H
ead
Barrow & Gilt Carcass WeightsU.S. Annual Average
160
165
170
175
180
185
190
195
200
205
21019
77
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
Pounds
Actual Trend
Barrow & Gilt Negotiated Live Price
35
40
45
50
55
60
65
70
75
80
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2004-07 2008 2009 2010 2011
Source: USDA Prior Day Purchased reports
$/cwt
MPR Negotiated Carcass Hog Prices, WCB minus ECB, Weekly, 2009-10
-3
-2
-1
0
1
2
3
4
5
6
2009 Feb
Mar
Apr
May
Jun
Jul
Aug Se
pO
ctN
ov Dec
2010 Feb
Mar
Apr
May
Jun
Jul
Aug Se
pO
ctN
ov Dec
$/cwt
Source: USDA/AMS Prior Day Purchased
U.S. Pork Exports, Jan-May 2011 Change From Year Ago Country 000 lbs Percent
Japan 80,639 14.8%Mexico 10,799 2.6%S. Korea 157,270 147.3%Canada 18,135 10.4%China & HongKong 49,624 37.4%Australia 17,748 25.6%Russia 39,504 125.3%TOTAL 315,257 17.9%
Source: USDA/ERS
U.S. Hog Imports & Exports
0
2
4
6
8
10
1219
80
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
Mil. head
Imports Exports
2010 hog imports were down 10%