With Easter retail orders mostly complete, the pork cutout, especially hams, is under pressure. From the beginning of March, the ham primal has dropped 16 percent; the only other cut with a bigger drop is the belly.
Through last week, hog slaughter was up 1.6 percent over the same 10 week period in 2022, but pork production was up only 0.9 percent due to lighter slaughter weights. This would suggest softer demand is an issue for pork given the drop in cutout values.
Hams in cold storage at the end of February were 101 percent of last year, and 108 percent of the end of January, i.e., the previous month. Bone-in hams were 105 percent of last year and 135 percent of the previous month. Bellies in cold storage at the end of Februar...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
