PORK TRENDS

Farmer's Report

Pork TRENDS - AUGUST 12, 2022

Pork market information is from the week ending August 5, 2022.

The USDA reported a weekly hog harvest of 2.34 MM hogs last week. This level is 2-3% higher than the previous week, and marginally higher than the same week last year.

LOINS

The loin complex remained divergent. Boneless loins continued slightly higher, while the bone-in loins continued slightly lower. The presence of boneless pork chops in retail ads reversed lower, while the presence of bone-in pork chops reversed higher. Analysts are projecting further easing for bone-in product, and a peaking market for boneless.

TENDERS

The pork tenderloin market continued slightly higher. The presence of pork tenderloins in retail circulars continued to scale back. Historically, the pork tenderloin market is well-supported in the summer months.

BUTTS

Sharp declines continued for pork butts. The presence of butts in retail circulars is down sharply as well. Analysts are forecasting further correction in this market.

RIBS

All rib markets moved lower, except backribs, which moved higher after several weeks of sharp correction. The presence of ribs in retail circulars reversed sharply lower for all varieties. Analysts forecast the rib markets to hold relatively steady over the next few weeks.

BELLIES/BACON

The belly composite continued higher, but the rate of increase has slowed. The presence of bacon in retail circulars continued sharply higher. Analysts expect gains in the belly market to begin slowing down.

HAMS

The ham markets are finally experiencing some relief, as they eased slightly lower, although demand remains strong from several channels. Analysts consider these markets to be “top-heavy”, and expect further correction now that they have begun to ease.

TRIMMINGS

The pork trimmings markets continued higher. Trimmings typically experience strong demand during the summer months, as these items are heavily used as raw materials for grilling products. Analysts suggest that these markets could begin to peak soon.

PICNICS

The picnic markets were mixed. Analysts expect boneless picnics to have limited, upward momentum, but suggest that  bone-in picnics are overdue for cyclical easing.

The data contained in the Farmer’s Report is provided for informational purposes only, is not tailored to your specific purchasing needs, and is not intended as a substitute for any other publicly-available market data or information. The Farmer’s Report is compiled from the last-received market data provided by the United States Department of Agriculture (USDA) and/or other market sources, and is subject to change without notice. Nothing herein is the opinion of US Foods®. US Foods neither assumes any legal liability nor makes any warranty or guaranty, either express or implied, regarding the completeness, accuracy or usefulness of this information.