PORK TRENDS

Farmer's Report

Pork TRENDS - April 19, 2024

Pork market information is from the week ending April 12, 2024.

The USDA reported a weekly hog harvest of 2.485 MM hogs last week. This level is roughly 2-3% higher than the prior week. Total year-to-date harvest is up 0.7% compared to last year.

LOINS

Both bone-in and boneless loins moved higher. Supply continues to be adequate, while demand is steady 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 moved up. This market has increased fairly consistently since November, but has been a bit volatile this spring, according to analysts. Historically, the tenderloin market moves higher between April and June as summertime demand increases.

BUTTS

The bone-in pork butt market increased. Demand is steady and supply is fair, according to analysts. Historically, pork butts continue to increase through spring, and while there has usually been some softness during April, that has not happened yet this year.

RIBS

Backribs and St. Louis-style spareribs increased, while whole spareribs decreased. Supply is fair, while demand remains steady, 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, there can be limited declines in the rib markets during April, as packers meet booking quotas and forward demand eases, according to analysts.

BELLIES/BACON

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

HAMS

The ham markets posted another round of strong increases. Historically, movement in the ham markets ramps back up after Easter. Export demand for hams remains strong, possibly for Cinco de Mayo, according to analysts.

TRIMMINGS

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

PICNICS

Bone-in picnics decreased slightly, while boneless increased. Traditionally, the bone-in picnic market will ebb and flow higher throughout the year. Meanwhile, boneless picnics tend to soften following Easter, but then pivot consistently higher, due to increasing, seasonal processor demand.

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.