Pork Trends 

Loins 

The bone-in loin market continued to experience corrective, although slowing, decreases, while the boneless loin market edged slightly higher. Seasonal demand is fair and relatively steady, and supply is good, due to larger seasonal harvest levels, according to analysts. Variable promotion is reported for the retail channel. Historically, both loin markets have been steady during April, then tend to rise toward the end of the month as grilling season ramps up.

Tenders 

The pork tenderloin market decreased slightly. Supply is good, but demand has been light and variable, according to analysts. The USDA continues to report varying levels of promotional frequency in the retail space, with last week in line with the prior week. Historically, the market becomes more volatile day-to-day during April, with a tendency to begin to pivot higher in late April, due to rising grilling season demand.

Butts 

The bone-in butt market pivoted slightly lower. Supply remains cyclically strong, and demand has been relatively steady, according to analysts. The USDA has been reporting steady but varying levels of ad placement for butts, with last week down as retailers focused on hams for Easter. The USDA also reported higher trade levels on the futures report, suggesting bullish markets, according to analysts. Historically, the butt market has tended to be rangebound during April, but can begin to pivot higher in late April, due to rising grilling season demand.

Ribs 

All varieties of ribs increased. Seasonal demand for fresh ribs remains fair-to-weak, but is being offset by forward demand, according to analysts. While the recent correction in the whole sparerib markets had brought them much closer to prior-year levels, they have begun moving up recently. Historically, both the backrib and sparerib markets climb higher into spring and summer, due to improving seasonal demand.

Bellies/Bacon 

The belly market composite continued slightly lower. The recent correction following a prolonged rally aligns with historical weakness in the market at this time of year. The USDA-reported frequency of bacon was up considerably from the prior week, likely as retailers took advantage of promoting bacon for the Easter holiday, according to analysts. Historically, the belly market becomes increasingly volatile in late April and early May.

Hams 

The ham markets diverged, as light hams continued to decline, while the heavy hams reversed slightly higher. Supply remains good on a seasonal basis. Current markets are near annual lows and, as post-Easter replenishment comes into play, the market historically begins to see better support.

Trimmings 

42% fat trimmings continued higher, and 72% lean trimmings pivoted higher as well. Supply is good and demand is improving, according to analysts, who note that since pork trimmings can substitute for beef trimmings, there is a risk of volatility in the pork trimmings markets, as the beef market is currently very strong. Historically, the pork trimming markets are firm to higher into early April, as Further Processors build against their seasonal, forward demand increases.

Picnics 

Bone-in picnics continued to increase, while boneless slipped lower. The cyclical reset of bone-in picnics seems to have stabilized, and they are now slowly edging higher in seasonal fashion, according to analysts. Historically, the bone-in picnic market ebbs and flows directionally higher throughout the calendar year, while the boneless picnic market trends higher as the weather warms.