Things to Consider….
Retail bacon prices rose 24 cents or +3.5% to $7.10/lb, bringing retail values +27.6% or $1.54 over year ago levels. Current retail bacon price levels are $1.53 over the 3 year average for the month of August, and has reached a new historical high surpassing the previous high reached in July 2021 at $6.86/lb.
In comparison, wholesale belly prices rose +4.2% or $8.54 to $213.62/cwt for August and reached a new historical high, surpassing the previous record high of $209.41 reach in July 2017. Compared to last year, bellies are up +98.8% or $106.15 higher.
All retail chops declined 2 cents or -0.6% to $4.06/lb for August however was 27 cents or +7.1% over last year. Current retail price levels are 56 cents over the 3 year average for the month of August. Boneless chops edged 1 cent higher or +0.3% to $4.47/lb, bringing boneless chops +2.9% or $0.13 over last year. Bone-in chops edged modestly higher, up less than half a cent or +0.1% to $4.33/lb, bringing the cut also +6.6% or 27 cents over year ago levels. Wholesale loins were up $6.62 to $116.16/cwt or +6.0% higher than the previous month, and +62.9% or $44.86/cwt over last year.
All retail hams climbed 4 cents or +1.0% to $3.75/lb for August, with no year-over-year comparison. Current retail price levels are 49 cents over the 3 year average for the month of August. Boneless ham values edged 2 cents higher or +0.3% to $4.68/lb for August, bringing them 5 cents or +1.1% over last year. Wholesale ham prices averaged $85.82/cwt which was down $16.32/cwt or -16.0% from July and $27.68/cwt or +47.6% over year ago levels.
The category reporting other retail pork prices declined 9 cents or -2.5% to $3.47/lb, slipping from the new historical high reached on the previous report to the second highest historically. Current levels are 70 cents over the 3-year average for the month of August.
Meat values, both retail and wholesale remain historically firm however seasonal pressures have played a major role in forward pricing over the last week to 10 days. Signs of technical support appear to be surfacing which could provide a near-term bottom to hog futures over the coming weeks.