Things to Consider….
US retail bacon prices recorded a new historical high, rising +3.0% on the month to $7.61/lb. Compared to last year, the latest prices are +4.0% over year-ago levels with October of last year also recording a new historical high at the time of reporting. Current retail bacon prices are $1.38 over the 3-year average for the month of October.
Wholesale belly values were up +1.6% to $138.55/cwt during October, with current values -25.5% or $47 under this time last year. Current values are $4.25 under the 3-year average. Notably, wholesale belly values recorded last year were among the highest historically.
All retail chops were up +2.1% to $4.27/lb for October, also a new historical high, bringing the latest retail cut +3.0% over last year. Current retail price levels are 60 cents over the 3-year average for the month of October. Wholesale loins values fell -6.8% to $91.43/cwt from the previous month, and are -10.4% under last year. The latest wholesale loin values are $0.84 over the 3-year average.
All retail hams increased +2.3% to $4.44/lb for October, surpassing the previous record reached the month previous, bringing hams +13.2% over year ago levels. Current retail price levels are 83 cents over the 3-year average for the month of October. Wholesale ham values averaged $108.40/cwt which was up +3.6% from September, and current values are nearly $36 higher or +49.4% over year ago levels. For comparison, wholesale picnics averaged $81.27/cwt, up +0.4% from September and +12.2% over last year. Compared to their respective 3-year averages, current wholesale ham values are $31 higher while picnics are up nearly $15.
The category reporting other retail pork prices fell
-1.9% lower to $3.64/lb, coming down from the record high recorded a month earlier, bringing other pork +2.2% over last year. Current levels are 55 cents over the 3-year average for the month of October.