News

Beef in cold storage hits new monthly record

The USDA says red meat in cold storage at the end of December was down 2% on the year at 1.085 billion pounds. That was due to pork demand, with total supplies declining 13% to 477.214 million pounds, including a new monthly low for pork bellies, which dropped 67% to 17.759 million.

Slower demand and high production rates pushed beef stocks up 11% to a new high for the month at 567.002 million pounds. Boneless beef was also a new monthly high at 525.948 million pounds. The USDA started keeping cold storage data on beef in December 1915.

Poultry was up 2% 1.094 billion pounds. Chicken was down 6% to 809.781 million, reflecting good consumer, retail, and food service demand, but turkey jumped 39% on the year to 279.193 million pounds, implying slower than expected holiday demand.

Cheese stocks at the end of December were a new all-time high for the month, up 5% at 1.207 billion pounds. American was up 4% at 728.945 million pounds, Swiss was just about unchanged at 24.572 million, and other types were a new monthly record and up 8% on the year at 453.087 million pounds.