Market News

Beef in cold storage below pre-report projection

USDA reports that there was less beef than expected in cold storage at the end of July, while supplies of pork and chicken topped pre-report estimates.

Beef stocks were pegged at 463.921 million pounds, down 4% from the end of June and up 1% from the end of July 2012, but well below the average guess of 480.3 million pounds, indicating better than expected demand. Pork came out at 545.260 million pounds, 3% below last month and 1% lower than last year, but above the pre-report projection of 529 million pounds, due to a combination of increased slaughter rates and comparatively slow demand. Red meat in cold storage totaled 1.038 billion pounds, 3% less than a month ago and just about steady with a year ago.

Chicken was reported at 685.092 million pounds, an increase of 4% on the month and 5% on the year, and above the average guess of 665 million pounds. Total poultry in cold storage was 1.269 billion pounds, 3% more than last month and 5% larger than last year.

The next cold storage report is out Monday, September 23.