Despite a pushback of the date for Prop 12 enforcement in California, the markets have been busy, with futures trending higher in the past month.
Since May 20th, analysts with the Wall Street Journal found the hog contract has risen by more than 20 percent. A California court recently modified the implementation deadline allowing pork products harvested before the July 1st deadline to be sold in the state until the end of the year.
The National Pork Producers Council praised the move saying it wants to make sure producers have all the information they need to make the transition. It will be timely and costly for producers to build facilities compliant with the controversial new law.
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Herds are showing growth in areas like the Northern Plains and some states in the Western U.S. where ranchers have seen more rainfall. However, for operations across the rest of the United States, that is not the case.
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While this adjustment is substantial in percentage terms, according to David Widmar with Agricultural Economic Insights—it is part of the natural ebb and flow of the agricultural economy.
