January 1 marks a big change for U.S. pork producers as California’s Proposition 12 takes effect. Chad Smith has more on the uncertainty on the horizon.
Smith: California’s Prop 12 goes into effect with the new year on January 1. It becomes California state law during a time of already great uncertainty in the pork market. American Farm Bureau Federation Economist Bernt Nelson talks about the current pork market conditions.
Nelson: We’ve got some bearish fundamentals going on in the pork market. We just had USDA’s Quarterly Hogs and Pigs Report released. We found out that we’ve still got quite a few hogs in the inventory. The breeding inventory was up three percent from this time last year, so what this means is we have more hogs in the market than we have demand.
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