Outlook for 2018
Many end users are currently working on their budget plans for 2018 and we (Steiner) recently updated our outlook for all of next year and an early look at 2019. Some of our thoughts at this point differ from USDA, largely with regard to the amount of pork that will be available in the US market. This is largely due to the fact that we expect US pork production to increase at a slower pace in 2018 relative to USDA forecasts. The latest USDA projections had US pork production in 2018 at 26.941 billion pounds, 4.6% higher than in 2017. Our forecast is for US pork production to increase by 2.7% next year.