Pork Trends 

Loins 

Bone-in loins continued to climb, while boneless loins were steady. Seasonal demand is fair and relatively steady, and supply is good, due to larger seasonal harvest levels, according to analysts. Historically, both loin markets are steady during March, although they can pivot higher.

Tenders 

The pork tenderloin market pivoted marginally higher. Supply is good, while demand is mostly steady, according to analysts. The USDA continues to report varying levels of promotional frequency in the retail space. Historically, the market has been somewhat inconsistent during March, as either seasonal declines persist or the market begins to pivot higher on the prospects of forward, warmer weather demand.
 

Butts 

The bone-in butt market remained unchanged. 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 somewhat choppy during March, before becoming more consistent in April.
 

Ribs 

The rib markets remained mixed, as backribs continued to increase, while spareribs were either flat or lower. Seasonal demand for ribs remains fair-to-weak, but is being offset by forward demand, 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 higher, extending upon the slow and steady rally since December. The USDA reported a similar frequency of bacon promotion last week. Historically, the belly markets become increasingly unsettled in late February and March.

Hams 

Light hams pivoted lower, while heavy hams remained unchanged. Supply remains good, and demand is steady as well, according to analysts. Historically, the ham markets remain rangebound over the next few months.

Trimmings 

42% fat trimmings continued to increase, while 72% lean trimmings were flat. 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 

The bone-in picnics began to pivot higher after being unchanged for three weeks, while the boneless picnics continued to decrease. 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.