PORK TRENDS

Pork TRENDS - June 28, 2024

Pork market information is from the week ending June 21, 2024.

The USDA reported a weekly hog harvest of 2.419 MM hogs last week. This level is 1-2% higher than the prior week. Total year-to-date harvest is up 0.9% compared to last year.

LOINS

The loin complex was soft, as bone-in loins traded sideways, while boneless loins decreased. Supply is seasonally fair, while demand is good but sporadic, according to analysts. Historically, the loin markets are a few weeks away from their annual peak, although promotional activity for pork chops in retail can heavily influence these markets, according to analysts.

TENDERS

The pork tenderloin market continued slightly lower. Despite the choppy pattern since early spring, the market has been trending higher overall since the beginning of the year, according to analysts. Historically, the tenderloin market peaks during June or July.

BUTTS

The pork butt markets reversed higher. Demand is good and supply is fair, according to analysts. Traditionally, the butt markets remain relatively well-supported during the summer months, and there has been additional lift in prior years if promotions for the Fourth of July are strong.

RIBS

Backribs and medium-sized spareribs traded sideways, while light and St. Louis-style spareribs decreased. Supply is seasonally variable, while demand is seasonally strong. Historically, the rib markets peak by early July, if not sooner.

BELLIES/BACON

The pork belly markets decreased moderately. Historically, the belly market holds relatively steady during spring, then moves slightly higher going into summer.

HAMS

The ham markets were down across all varieties. Historically, the ham markets ebb and flow gradually higher into the summer months. Export demand to Mexico has been strong, according to analysts.

TRIMMINGS

Both the lean 72% and fat 42% trimmings markets were down sharply. Historically, the trimming markets move higher at this time of year, due to increasing current and forward demand for processed meats.

PICNICS

Bone-in picnics turned higher, while boneless picnics continued to decline. Traditionally, the bone-in picnic market will ebb and flow higher throughout the year. Meanwhile, the boneless picnics traditionally remain relatively well-supported during summer, but do vacillate from week to week.