Bacon prices are poised to soar following a spike to record-high prices for pork bellies, say market analysts in the United States.
Pork belly prices hit another record of $208.47 US per hundredweight on Monday, 51 percent higher than a year ago, according to the Daily Livestock Report.
The Daily Livestock Report’s analysts warn that a six-week lag between wholesale and retail prices could push bacon prices as high as $5.50 US per pound by late August, a 16 percent increase from current prices.
“The risk, however, is that the sharp spike in belly prices may impact how foodservice market participants react for the next six to nine months,” the analysts wrote.
“Maybe they see this for what it is, a short-term spike that does not warrant menu changes or changes to product specs.
“This is critical as pork supplies are expected to hit all time record highs this fall and the market needs all the help it can get,” they say.