PORK TRENDS

Pork TRENDS - July 26, 2024

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

The USDA reported a weekly hog harvest of 2.372 MM hogs last week. This level is slightly higher than the prior week. Total year-to-date harvest is up 1.1% compared to last year.

LOINS

Bone-in loins edged lower, while boneless loins were steady. Bone-in loins are now past their usual summer peak, and typically will correct gradually lower at this point of the year. However, the boneless loin market can be more heavily influenced by retail and export activity, which can be supportive heading into late summer, according to analysts.

TENDERS

The pork tenderloin market increased slightly. This market is nearing the end of its typical seasonal highs. Historically, the tenderloin market peaks by July, then begins to transition lower during late summer and fall.

BUTTS

The pork butt markets continued to decrease. Demand is good and supply is fair, but holiday promotional activity is likely ending, according to analysts. Traditionally, the butt markets begin to decline by early July, but can possibly increase during mid-August if Labor Day promotions are strong.

RIBS

All rib markets were down, except for light-sized spareribs. Demand is steady but decreasing, while supply is fair, according to analysts. Historically, the rib markets begin to correct lower between now and late summer or fall. Sized backrib supply is constricted, according to analysts.

BELLIES/BACON

The pork belly markets continued to increase. Historically, the belly markets turn higher beginning in July, due to stronger seasonal demand. Thus far, however, the markets have not increased as much as analysts had expected.

HAMS

The ham markets continued to increase sharply. Historically, the ham markets strengthen in July, due to seasonally tighter harvest levels combined with increasing forward demand, according to analysts, who note that export demand has been strong.

TRIMMINGS

Both the lean 72% and fat 42% trimmings markets continued to increase sharply. Historically, the trimming markets move higher at this time of year, due to increasing current and forward demand for processed meats. Thus far, however, there has been some counter-seasonal weakness in the market, according to analysts.

PICNICS

Bone-in picnics increased slightly, while boneless picnics decreased slightly. Traditionally, the bone-in picnic market will ebb and flow higher throughout the year, although the market has been in a bit of a lull since May, according to analysts. Meanwhile, the boneless picnics have been holding at higher levels since May, but are nearing the end of their historical cyclical strength.