News

Red meat stocks down, still ample

The USDA says red meat supplies in cold storage at the end of August were 1% below year ago levels at 1.1 billion pounds.

However, both pork and beef stocks were larger than what some analysts had been expecting and above their respective five year averages following heavier than normal in-movement as high levels of red meat production cancel out any improvement in demand. Pork stocks totaled 575.681 million pounds, up 4% on the month, down 5% on the year, with beef stocks at 476.260 million pounds, 10% higher than the previous month, slightly lower than last year.

Poultry stocks were 6% above a year ago at 1.392 billion pounds, also because of heavy production cancelling out any improvement in demand. Chicken was pegged at 780.154 million pounds, 1% more than a year ago, and turkey stocks were 607.855 million, an increase of 14%.

Cheese stocks hit another new monthly record at 1.333 billion pounds with high levels of production and slow export demand offsetting good domestic demand. American cheese was 8% higher, Swiss was up 3%, and supplies of other types of cheese gained 7%, for a total increase of 7%. Butter stocks were down 9% on the month and 12% on the year at 280.177 million pounds as retailers prepare for end of year demand expectations.

New USDA supply and demand estimates are out October 12th.