Beef, Poultry & Pork Market Update

Beef

Cash cattle traded sharply higher late last week, while overall supplies remain tight. Beef production improved week over week but is still running well below last year, and year‑to‑date output continues to track materially lower on reduced slaughter. Packer margins remain under pressure, which can limit production at the margin. Boxed beef values eased slightly on the week, with the round complex leading the decline while briskets and flanks held firm. Trim values were generally steady to firm, with 50s softer while 90s remain historically elevated.

Poultry

Broiler production continues to moderate, with slaughter slightly lower week over week and essentially flat to last year. Despite the easing pace, year‑to‑date output remains higher than 2025. Market tone improved across most parts, and breast values have strengthened materially over the past month. Wings remain below key psychological levels, while tenderloins and boneless thigh meat continue to trade at a premium to breast. Eggs weakened again on the week, and turkey breast continues to soften.

Pork

Cash hog trade stayed soft into the holiday, and pork production declined week over week and year over year. The pork cutout was only modestly higher, with support coming primarily from ribs and hams. Bellies were the weakest piece of the complex, although still holding above year‑ago levels. The latest Hog and Pigs data continues to point to tighter‑than‑expected supplies, which increases the odds for trimmed production expectations later in the year, even as productivity trends remain a partial offset.

Bacon

Belly and bacon markets remain constructive overall, but momentum is uneven as seasonal demand builds. Bellies have supported the pork complex at times, yet near‑term movement is still balanced by freezer supply and broader holiday‑impacted demand patterns. The market setup continues to favor measured coverage and a controlled, gradual move rather than a sharp run.