Protein in Pictures April 2026

This report monitors April 2026 trends in the protein commodity markets, noting mixed price performance across beef, pork, and poultry. It also updates the investment thesis for Hormel Foods (HRL), lowering earnings estimates due to rising input and logistics costs.

Key Takeaways

• 1.Domestic protein markets are mixed, with pork cutout prices up +4.3% y/y and beef cutout prices surging +14.5% y/y in April.
• 2.Goldman Sachs lowered FY26-28 EPS estimates for Hormel Foods (HRL) by 2-3% due to rising freight, diesel, and raw material costs.
• 3.Livestock slaughter trends show a significant divergence, with hog slaughter up +0.9% y/y while cattle slaughter declined -8.2% y/y through April.

Table of Contents

• Proteins
• Commodities Spot and Futures Prices
• Estimate Changes, Valuation & Risks
• Disclosure Appendix

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