Goldman Sachs updates view on protein markets ahead of earnings

Investing.com -- Goldman Sachs released its latest protein market analysis on Tuesday, showing mixed conditions across domestic meat sectors in July while updating estimates for Hormel Foods ahead of its fiscal third-quarter results on August 27.

Pork cutout prices fell 11.2% year-over-year in July, remaining below the five-year average, according to the report. Packer margins in the sector improved month-over-month during the period.

Beef cutout prices declined 2.6% compared to the prior year, while beef packer margins tracked lower on average year-over-year.

The poultry sector showed varied performance in July. Prices for tenderloins, leg quarters, and breasts decreased during the month, while wing prices moved higher. Egg prices rose in July but remained below the five-year average.

Goldman Sachs said it maintains a favorable view on Hormel Foods entering its fiscal third-quarter earnings report scheduled for August 27.

The investment bank's Protein in Pictures report provides data points for tracking trends across commodity markets relevant to protein companies.

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