US 4th Quarter Hog and Pork Outlook
The USDA took a hatchet to their pork production estimates in the May WASDE, lowering annual production by 1,599 Mil Lbs (-6%). Much of the decline was realized in the 4th quarter, which was reduced by 665 Mil Lbs. Like US beef trade, the export estimates did not fall proportionally to the production rates, resulting…