Hog Glut Gains as U.S. Exports Drop Most in Decade: Commodities
This article is for subscribers only.
U.S. hog farmers are poised to produce a record amount of pork at a time when exports are slumping the most in more than a decade, prolonging a global glut into a fifth consecutive year.
The 10.66 million metric tons produced will be the most since at least 1970, the U.S. Department of Agriculture estimates. Exports fell 14 percent in the first two months, the most for the period in government data since 2000. Futures may drop 20 percent to 72 cents a pound by the end of the year on the Chicago Mercantile Exchange, based on the median of nine trader and analyst estimates compiled by Bloomberg.