Pork Trends 

Loins 

The loin markets remained lackluster, as both the bone-in and boneless loins continued to decrease. Seasonal demand is fair but declining, with supply remaining fully adequate and improving, according to analysts. Per the USDA retail report, boneless loin ad frequency has continued to be strong in recent weeks. Historically, the loin markets have declined further in Q4.

Tenders 

The pork tenderloin market pivoted fractionally higher from the prior week. The USDA continues to report varying levels of promotional frequency for tenderloins, with last week showing a decrease. Historically, the tenderloin market weakens during Q4, as supply outweighs demand.

Butts 

The bone-in butt market continued to post moderate decreases, as improving supply and decreasing demand are pressuring the market on a seasonal basis, according to analysts. Historically, declines in the pork butt market through October tend to slow by early November.

Ribs 

The rib markets were down, as decreases were reported across all major backrib and sparerib indices for another week. Historically, the sparerib markets have found better stability and support for the balance of the year, while the rate of decline in the backrib market tends to slow.

Bellies/Bacon 

The belly market continued to decline. The market continues to linger at a three-year low and should still be considered semi-volatile in the short term, according to analysts. Historically, the belly markets trend lower through Q4, stabilizing closer to December.

Hams 

After several weeks of declines, the ham markets pivoted higher. Supply remains good on a seasonal basis, with stronger year-over-year inventories being reported in cold storage. Historically, the ham markets have been relatively stable between October and November, trading within a moderate range.

Trimmings 

The pork trimmings markets diverged, as 42% fat trimmings surged higher while 72% lean trimmings continued to decrease. Both trimming markets have moved beyond the bulk of their post-summer demand cycle and are transitioning to a softer bias through Q4, although early November can present better support, as last-minute holiday needs come into play.

Picnics 

The picnic markets diverged, as bone-in picnics pivoted higher while boneless picnics continued lower. The bone-in picnic market has been counter-seasonally soft since early June. Historically, the bone-in picnic market ebbs and flows higher throughout the calendar year, peaking near late December. The boneless picnic market historically trends lower during Q4.