The retail price of pork set a new record in June of $2.83/lb. That beats the old record by 4.9¢, set in September 2001, reports Ron Plain, University of Missouri agricultural economist. And it’s 18.6 cents higher than the average price in June 2003.
“This is especially good news given that commercial pork production during June (1.672 billion pounds) was also a record,” he explains. “Record prices at the same time as record production means pork demand continues to improve.”
June was especially kind to pork producers, Plain continues. “The average base price for spot market hogs in June was $77.01/cwt. carcass weight, 21% higher than in June 2003. The farmers’ share of the consumer’s pork dollar was 36.1% in June, the highest for any June since 1997,” he says.