The multi-year rise in bacon looks to be softening relative to the last five years, and much of that decline can be traced to the outbreak of African swine fever in China. The outbreak is driving a lot of pricing action in the recent quarter affecting pork prices in particular, says David Thompson, principal at IRI, Chicago.
“We saw last year there were some pricing actions, but the volumes were staying flat and the velocities were staying stable,” he says. “I’m seeing some softest in the velocity in the recent weeks.”