Easing in the bone-in pork loin market
The 1/4-inch bone-in loin pork market, which had been performing well above 2023 prices for much of the year due to strong international demand from Central and South America and increased domestic interest for bone-in chops, is now starting to soften heading into October. Earlier, high export activity, especially to countries like Mexico and Colombia, drove demand and helped boost prices as these regions worked to meet local needs and balance their production.
Domestically, prices have now fallen below last year’s levels. This is happening as the market shifts from a period of adequate supply to one where supplies on the spot market are fully adequate to even ample. As a result, concerns over availability have eased. Industry players report more offerings, with packers adjusting production to match the softened demand, aiming to keep the market balanced. With ample supply, buyers are being more cautious, looking for better price points in a competitive protein market.
Seasonal consumer trends are also playing a big part in the current market downturn. Throughout the year, the 1/4-inch bone-in loin has faced stiff competition from poultry and beef at the retail level. Poultry, known for stable pricing and versatility, remains a budget-friendly option, while beef, with its variety of premium cuts, continues to attract shoppers looking for high-end meals.
As the grilling season ends, consumer interest in items like bone-in chops usually declines, shifting towards more versatile or comfort-focused cuts like roasts, ribs, and larger holiday items. With fall and winter coming, items suited for slow cooking or featured in holiday meals, such as pork shoulder roasts or ham, gain more attention. Retailers are adjusting promotions accordingly into Porktober, focusing on these seasonal items to gain consumer interest.
Domestic scallop prices soar to record highs amid supply shortages, driving market-wide increases
Domestic scallop prices have reached unprecedented highs, particularly for larger sizes. The limited landings in 2024, especially for U/10s and U/12s, have exerted significant upward pressure not only on these premium sizes but also on 10/20s and 20/30s. Historically, U/10 scallops have traded within a broad range, but current market prices have surged, 53.9% higher since April and standing 165.9% above the lowest price point in the past decade, which occurred in May 2018.
This sharp price escalation reflects the impact of constrained supply, particularly for the most sought-after sizes, and the ripple effects are being felt throughout the broader scallop market.
U-size scallops, prized for their quality and consistency, have become increasingly difficult for suppliers and chefs to secure. As a result, many have had to shift to smaller sizes due to both economic factors and limited availability of U-sizes. This shift in demand has intensified pricing pressure on 10/20s and even 20/30s, pulling the entire market higher and reinforcing the upward momentum across the scallop complex.
China’s Sept 2024 meat imports slump 4.3% m-o-m; ends two-month growth streak
China’s total meat imports, including variety of meats, dropped in September 2024, totaling 540,543 metric tonnes (mt), according to preliminary data from China’s General Administration of Customs. Imports fell 4.3% m-o-m (-24,559 mt), partly due to the shorter working month for Mid-Autumn festivities. On a year-on-year basis, imports declined 9.2% (-54,457 mt), marking the eighth consecutive month of declines amid economic headwinds.
Year-to-date (YTD), overall meat imports decreased by 1.8% (-9,914 mt) to 4.39 million mt compared to the same period in 2023. However, importers remained cautiously optimistic, expecting demand to rebound as colder weather approaches, with traditional year-end consumption patterns and festive gatherings likely to drive up imports.
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