Goldman Sachs updated its protein market assessment on Tuesday, highlighting divergent trends across U.S. meat sectors as Hormel Foods prepares to report third-quarter results on August 27.
The bank’s latest Protein in Pictures report showed pork cutout prices fell 11.2% year-over-year in July, remaining below the five-year average. Beef cutout prices declined 2.6% compared with July 2023. Packer margins in the pork sector improved month-over-month, while beef packer margins tracked lower on average compared with the prior year.
Poultry prices showed mixed performance in July. Tenderloin, leg quarter, and breast prices declined, while wing prices rose. Egg prices increased during the month but stayed below the five-year average. Goldman Sachs maintained a constructive view on Hormel Foods, citing the company’s positioning ahead of its fiscal third-quarter earnings release.
