Hog slaughter during the four weeks ending on July 26 was 3.7 percent lower than a year ago. That was far lower than the expectations based on the July hog survey. USDA has also lowered some of its initial slaughter estimates. In the near term, pork supplies will remain limited, impacting primarily processing items as buyers need to run consistent production. Ham, trim, and belly prices continue to be well-supported. Retail fresh pork sales have been slow despite record beef prices. Loin values are near year-ago levels, while pork butt and spare rib prices have started to seasonally decline and should see more downside price pressure as slaughter moves higher in the Fall. Ham prices continue to trade very firm, given the shortfall in production. Belly inventories were particularly tight, falling to 44 million pounds in late June. Tariff uncertainty with Mexico has some buyers on the sidelines.
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