Things to Consider….
Retail bacon prices in October climbed 10 cents or +1.3% to $7.32/lb, recording a new historical high for the fifth consecutive month, bringing retail values +27.9% or $1.60 over year ago levels. Current retail bacon price levels are $1.74 over the 3 year average for the month of October.
In comparison, wholesale belly prices rose +8.3% from September or $14.28 higher to $185.96/cwt, with current values +18.5% or $29.02 higher than this time last year.
All retail chops were up 10 cents or +2.4% to $4.15/lb for October, the highest recorded since June 2020 at $4.19/lb, bringing the latest retail cut 52 cents or +14.2% over last year. Current retail price levels are 73 cents over the 3 year average for the month of October. Boneless chops climbed 10 cents higher or +2.3% to $4.50/lb, bringing boneless chops +8.6% or 36 cents over last year. Bone-in chops rose 16 cents higher or +3.8% to $4.39/lb, bringing the cut +11.3% or 45 cents over year ago levels.
Wholesale loins dropped $8.81 to $102.07/cwt or -7.9% under the previous month, however remains strong compared to year ago levels, up +21.1% or $17.80/cwt over last year.
All retail hams climbed 9 cents or +2.3% to $3.92/lb for October, a new historical high surpassing the one recorded in September, bringing hams 44 cents or +12.8% over year ago levels. Current retail price levels are 59 cents over the 3 year average for the month of October. Boneless ham values climbed 12 cents higher or +2.4% to $4.96/lb on the month, bringing the cut 41 cents or +8.9% over last year.
Wholesale ham prices averaged $72.55/cwt which was down $9.43 or -11.5% from September and $10.29 lower or -12.4% under year ago levels. For comparison wholesale picnics averaged $72.46/cwt, down $8.38 or -10.4% from September however up $8.30 or +12.9% over last year.