Pork Belly, Trimmings Prices Track Below Year Ago on Softer Demand, Ample Inventories

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Report Highlights

    • Higher than expected slaughter, heavier weights, a slowdown in exports to Asia and larger domestic pork inventories have all contributed to lower than expected prices for some items.
    • Pork belly prices rebounded modestly at the start of the week following the long holiday weekend, but the rally was cut short and on Friday prices were down as much as 20%. Prices expected to be higher in July and early August.
    • Bone-in ham prices are trading firm. This is partly due to continued strong demand from Mexico. Outstanding pork sales to Mexico. The seasonal decline in slaughter and improvement in the labor market means packers can debone more hams, limiting the supply of bone-in product.
  • Pork trim prices are soft. By deboning more hams and shoulders packers are generating more trim. High pork prices in Q1 also forced end users to raise prices.

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