Pork Trends 

Loins 

The bone-in loin market continued to experience corrective, although slowing, decreases, while the boneless loin market managed to hold steady. Seasonal demand is fair and relatively steady, and supply is good due to larger seasonal harvest levels, according to analysts. Variable promotion is reported for the retail channel, although promotion is lighter heading into Easter. Historically, both loin markets have been steady during late March through early April, then tend to rise toward the end of April.

Tenders 

The pork tenderloin market remained unchanged. Supply is good, but demand has been light and variable, according to analysts, with last week coming in much lighter as retailers shift to hams for Easter. The USDA continues to report varying levels of promotional frequency in the retail space. Historically, the market becomes more volatile day-to-day during April, with a tendency to begin to pivot higher in late April, due to rising grilling season demand.

Butts 

The bone-in butt market continued to edge marginally higher. Supply remains cyclically strong, and demand continues to be mostly supportive, according to analysts. The USDA has been reporting steady but varying levels of ad placement for butts, with last week up considerably despite retailers shifting focus to Easter hams. The USDA also reported higher trade levels on the futures report, suggesting bullish markets, according to analysts. Historically, the butt market has a tendency to begin to pivot higher in late April due to rising grilling season demand.

Ribs 

The rib markets remained mixed, as whole spareribs increased, St. Louis-style spareribs decreased and backribs held flat. Seasonal demand for fresh ribs remains fair to weak but is being offset by forward demand, according to analysts. The recent correction in the whole sparerib markets brought them much closer to prior-year levels. Historically, both the backrib and sparerib markets climb higher into spring and summer, due to improving seasonal demand, although spareribs are generally a bit more volatile.

Bellies/Bacon 

The belly market composite pivoted slightly lower. Following a prolonged rally that began in late December, recent unsettledness could be signaling alignment with the seasonal weakness more representative of the March through early April time frame, according to analysts. The USDA-reported frequency of bacon was down from the prior week, likely as retailers make more room for Easter hams.

Hams 

Both heavy hams and light hams continued to decline sharply, as supply remains good, and demand has dried up as buyers have built their inventories for Easter, according to analysts. Historically, the ham markets remain rangebound over the next few months. 

Trimmings 

The trimming markets diverged, as 72% lean trimmings pivoted lower while 42% fat trimmings continued higher. Supply is good and demand is improving, according to analysts who note that since pork trimmings can substitute for beef trimmings, there is a risk of volatility in the pork trimmings markets, as the beef market is currently very strong. Historically, the pork trimming markets are firm to higher into early April.

Picnics 

The picnic complex increased, with bone-in picnics rising more sharply. The cyclical reset of bone-in picnics seems to have stabilized, and they are now slowly edging higher in seasonal fashion, according to analysts. Historically, the bone-in picnic market ebbs and flows directionally higher throughout the calendar year. Meanwhile, the boneless picnic market continues to build upward, seasonal momentum. Historically, the boneless picnics ebb and flow directionally higher as the weather warms.