Things to Consider….
Retail bacon prices rose 19 cents or +2.8% to $6.86/lb, bringing retail values +18.7% or $1.08 over year ago levels. Current retail bacon price levels are $1.23 over the 3 year average for the month of July, and has reached a new historical high surpassing the previous high reached in June 2021 at $6.67/lb.
In comparison, wholesale belly prices rose +15.9% or $28.09 to $205.07/cwt for July and is the second highest historically behind only the record high of $209.41 reach in July 2017. Compared to year ago levels, bellies are up +110.7% or $107.75 higher.
All retail chops were generally stable, slipping 1 cent or -0.2% lower to $4.08/lb from July however was 17 cents or +4.4% over last year. Current retail price levels are 55 cents over the 3 year average for the month of July. Boneless chops fell 9 cents lower or -1.9% to $4.46/lb, bringing boneless chops +2.3% or $0.10 over last year. Bone-in chops edged 3 cents lower or -0.7% to $4.32/lb, bringing the cut also -0.7% or 3 cents under year ago levels.
Wholesale loins were down $8.19 to $109.54/cwt or -7.0% lower than the previous month, and +63.1% or $42.38/cwt over last year.
All retail hams fell 6 cents or -1.6% to $3.71/lb from June, with no year-over-year comparison. Current retail price levels are 51 cents over the 3 year average for the month of July. Boneless ham values declined 26 cents or -5.2% to $4.67/lb for July, bringing them 9 cents or +2.0% over last year.
Wholesale ham prices averaged $102.15/cwt which was up $15.04/cwt or +17.3% from June and $43.13/cwt or +73.1% over year ago levels. For comparison wholesale picnics averaged $84.67/cwt, up $4.79 or +6.0% for July and brought picnics $40.10/cwt or +90.0% over last year.
The category reporting other retail pork prices rose 18 cents or +5.4% to $3.56/lb, reaching a new historical high for the 4th consecutive month with current levels 46 cents over the 3-year average for the month of July.