U.S. pork supply up 16% as demand drops
On Aug. 8, wholesale pork reached $1.1019 a pound, the highest since at least October 1997, USDA data show. High prices pushed shoppers toward cheaper meats, said Dan Vaught, the owner of Vaught Futures Insights in Altus, Ark.
“We’ve seen some production increases earlier this year,” Vaught said in a telephone interview before the report. There has also been some “carryover” from earlier jumps in inventories, he said.