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Economist is optimistic about the pork industry

An ag economist says he’s optimistic about the future of the pork industry. 

Brett Stuart, president of Global AgriTrends, says while he’s bullish on the overall outlook for the pork industry, it faces a lot of volatility in the immediate future.

“Between COVID-19 and African Swine Fever there are some big risks,” he says. “We’ve got California’s Proposition 12 taking affect and there’s definitely a feeling in the U.S. today of concern as we go into 2022.”

Speaking to Brownfield at the Midwest Pork Conference he said “as I closed today I talked about the 10-year outlook. The opportunity is fantastic. I believe the world will be short of protein in the next 10 years and pork as well. I think that demand is going to outstrip supply and so I think there is a bright future ahead. The key becomes navigating these landmines around us.”

Stuart says producers should aggressively manage their risks.  

“For today’s hog farmer I think you need to be very aware of the big macro conditions that can impact your business,” he says. “…There are opportunities to lay off a lot of that risk through risk management through insurance and futures markets.”

The Midwest Pork Conference took place today in Lebanon, Indiana.