Record-high prices set for US pork and poultry

With US demand for meat and poultry re-emerging from the recession, it has come back at extremely low levels of production, prompting prices to rise sharply.

According to reports, in the hog markets, hogs were up US$2.78-3.47 to US$85.79-85.61/cwt., lean carcass basis, east to west across the Corn Belt last Thursday, prices that were equivalent to a US$65.00 live cash hog market and 64.2% more than at this time last year.

At US$85.79, hogs in the eastern Corn Belt were record high, replacing the previous record set in August 2008. Hogs in the western Corn Belt were within US$1.10 of a new record high.

Despite production this year that's 4.2% more than year ago, poultry markets were balanced to tight because of demand for breast meat for Mother's Day weekend and to replace higher-priced beef and pork in ads, market sources said.

Chickens were 85-89 cents and 77-85 cents/lb. in the eastern and mid-western regions, up 4 cents from the week before and 13.0% from the year before, and at 85-89 cents, chickens in the eastern region were record high, replacing the record 81-84 cents established in May 2007.