PORK TRENDS

Farmer's Report

Pork TRENDS - March 22, 2024

Pork market information is from the week ending March 15, 2024.

The USDA reported a weekly hog harvest of 2.471 MM hogs last week. This level is slightly higher than the prior week. Total year-to-date harvest is up 0.8% compared to last year.

LOINS

Boneless loins continued to decrease, while bone-in loins reversed higher. Supply continues to be adequate, while demand is fair and improving, 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 stumbled to slightly lower, after rising relatively consistently since November. Historically, the tenderloin market can be somewhat volatile through March, before moving higher between April and June, as summertime demand increases.

BUTTS

The bone-in pork butt market eased marginally lower. Demand is good and supply is healthy, according to analysts. Historically, pork butts continue to increase through spring, with potential limited easing in April.

RIBS

All varieties of ribs continued to post relatively strong gains. Supply is fair, while demand is increasing, 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 are at a point where improving current and forward demand leads to market increases.

BELLIES/BACON

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

HAMS

The ham markets continued to fall. Historically, the ham markets begin to ease prior to Easter, as demand fades, according to analysts.

TRIMMINGS

Both the 42% fat and 72% lean trimmings markets continued to increase. Historically, the trimming markets move higher at this time, on prospects of increasing current and forward seasonal demand, according to analysts.

PICNICS

Both the bone-in and boneless picnic markets increased. Bone-in picnics continued to move higher, following their significant correction at the beginning of the year, according to analysts. Traditionally, the bone-in picnic market will ebb and flow higher throughout the year. Meanwhile, the boneless picnics have moved into a period of higher demand historically, which results in increased prices during March.

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.