Crisis in U.S. pork sector is not over yet
National Pork Producers Council (NPPC) described the damage exacted on hog farmers and urged Congress to act swiftly to preserve their livelihoods.
Dr. Meyer said U.S. hog farmers face massive losses due to multiple coronavirus crisis-related factors, which have turned profit potential for 2020 from robust to disastrous.
According to his analysis, based on lean hog futures prices on March 1 and July 10 and actual hog prices in the interim, potential 2020 revenue from hog sales has been reduced by roughly $4.7 billion.
Other losses associated with euthanasia, disposal and donation of pigs with no market outlet and insufficient space to hold them mean U.S. pork producers have lost nearly $5 billion in actual and potential profits for 2020.
He said it appears those losses will continue into 2021.
“Many U.S. hog farmers will not survive this crisis,” said NPPC President Howard “AV” Roth, a hog farmer from Wauzeka, Wisconsin. ■