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Pork, beef stocks down on year

The USDA’s latest cold storage report showed strong retail and export demand for meat.

Pork was down 10% on the year at 555.052 million pounds, despite record pork production during March, including a 68% drop in bellies to 20.570 million, and beef supplies were 4% lower at 464.469 million pounds, even after a 7% year to year increase in production last month. Red meat stocks totaled 1.061 billion pounds, 7% less than on March 31st, 2016.

Demand, or lack of demand, also showed up for poultry. Poultry stocks were up 2% overall at 1.199 billion pounds with a 3% decline in chickens to 765.337 million cancelled out by a 16% jump in turkey at 428.790 million pounds.

Cheese stocks were a new monthly record at 1.293 billion pounds and butter was up 12% on the year at 272.503 million as strong domestic milk production levels have led to aggressive product production and export demand has been slowed down by high levels of international competition.

The USDA’s next set of supply and demand numbers is out May 10th.

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