PORK TRENDS

Pork TRENDS - April 26, 2024

Pork market information is from the week ending April 19, 2024.

The USDA reported a weekly hog harvest of 2.487 MM hogs last week. This level is slightly higher than the prior week. Total year-to-date harvest is up 0.7% compared to last year.

LOINS

Both bone-in and boneless loins moved higher. Supply is decreasing, although it continues to be adequate, while demand is steady and improving, according to analysts. Historically, the loin markets begin to slowly move higher as the weather becomes warmer and seasonal demand increases.

TENDERS

The pork tenderloin market increased again. This market has increased fairly consistently since November, but has been a bit volatile this spring, according to analysts. Historically, the tenderloin market moves higher between April and June as summertime demand increases.

BUTTS

The bone-in pork butt market increased again. Demand is steady and supply is fair, according to analysts. Historically, pork butts continue to increase through spring, and while there has usually been some softness during April, that has not happened yet this year.

RIBS

Backribs were steady, while all varieties of spareribs decreased. Supply is fair, while demand remains steady, following historical patterns for this time of year. Packers continue to convert ribs and reserve product for forward bookings, which analysts expect will move the market higher. Historically, there can be limited declines in the rib markets during April, as packers meet booking quotas and forward demand eases, according to analysts.

BELLIES/BACON

The pork belly market increased again. Historically, the belly market holds relatively steady heading into spring, then moves slightly higher going into summer.

HAMS

The ham markets lost momentum, decreasing semi-sharply. Historically, the ham markets ramp up after Easter, due to replenishment and forward demand, but given how sharply the market had climbed recently, it's likely encountering some resistance, according to analysts. Historically, the ham markets ebb and flow gradually higher into the summer months.

TRIMMINGS

Both the 42% fat and 72% lean trimming markets increased again. Historically, the trimming markets move higher at this time of year on prospects of increasing current and forward seasonal demand, according to analysts.

PICNICS

Bone-in picnics increased, while boneless were steady. Traditionally, the bone-in picnic market will ebb and flow higher throughout the year. Meanwhile, boneless picnics tend to move higher following Easter, due to increasing seasonal processor demand.