PORK TRENDS

Pork TRENDS - May 3, 2024

Pork market information is from the week ending April 26, 2024.

The USDA reported a weekly hog harvest of 2.379 MM hogs last week. This level is 4-5% lower than the prior week. Total year-to-date harvest is up 0.6% compared to last year.

LOINS

Bone-in loins continued to increase, while boneless loins decreased marginally. Supply is decreasing, although it continues to be adequate, while demand is increasing, 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 decreased slightly. 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 until Memorial Day.

RIBS

The backrib and St. Louis-style sparerib markets increased, while whole 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, the rib markets peak between late May and early July.

BELLIES/BACON

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

HAMS

Downward momentum continued in the ham markets, but the rate of decline wasn’t as sharp. Historically, the ham markets ebb and flow gradually higher into the summer months. Export demand to Mexico has been strong, due to favorable exchange rates, according to analysts.

TRIMMINGS

Both the 42% fat and 72% lean trimming markets decreased. Trimmings are trading at a premium compared to prior years, leading analysts to anticipate a brief correction. Historically, the trimming markets move higher at this time of year, on prospects of increasing current and forward seasonal demand, according to analysts.

PICNICS

Both bone-in and boneless picnics moved sharply higher. 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, according to analysts.