Pork Trends 

Loins 

Both bone-in and boneless loins increased moderately. Seasonal demand is fair and relatively steady, and supply is good, due to larger seasonal harvest levels, according to analysts. Historically, both loin markets have shown a tendency to be rangebound during February, but they can fluctuate depending on retailer promotion, according to analysts.

Tenders 

The pork tenderloin market continued slightly lower. The USDA continues to report varying levels of promotional frequency in the retail space. Historically, upward recovery in this market tends to slow during February.

Butts 

The bone-in butt market was higher. Supply remains cyclically strong, and demand continues to be well-supported, according to analysts. The USDA has been reporting steady but varying levels of ad placement for butts. Historically, the butt markets have been volatile in February, either continuing any correction that took place in January or beginning to pivot higher.

Ribs 

The rib markets remained mixed, as whole spareribs continued to decrease, while backribs and St. Louis-style spareribs increased. Seasonal demand remains fair-to-weak, although forward booking demand has been supportive, 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, although spareribs are generally a bit more volatile.

Bellies/Bacon 

The belly market composite continued to edge slightly higher, extending upon the slow and steady rally since December. The USDA reported a much stronger frequency of bacon promotion last week. Historically, the belly markets become unsettled in February, which can last a couple of months or more.

Hams 

Both light and heavy hams moved higher. The current market has been closely mirroring last year's market for several months and, if this continues, it will likely lead to a stronger rally during the rest of February. Export and forward Easter demand can cause fluctuations in ham markets, according to analysts.

Trimmings 

42% fat trimmings pivoted higher, while 72% lean trimmings fell sharply lower. Both markets broke out in January at a higher rate of increase than in prior years, but they’ve been unsettled recently. Historically, the trimming markets move higher from January through March.

Picnics 

Bone-in picnics remained unchanged for a third consecutive week, while boneless picnics slipped lower. Recent downward movement in the bone-in picnic market seems to be stabilizing, according to analysts. The bone-in picnic market historically corrects following the end-of-year holidays, stabilizing by around late January, then working directionally higher throughout the calendar year. Meanwhile, the boneless picnic market historically begins to show more upward consistency in February, but can be influenced by the trimming markets.