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Red meat stocks rise 5%
According to USDA, total red meat stocks in cold storage at the end of January 2015 were 1.131 billion pounds, up 5% from January 2014.
Beef came out at 490.937 million pounds, 14% more than a year ago, and also the largest increase for the month of January on record. That’s as slowing consumer and export demand canceled out a lower slaughter pace.
Pork was pegged at 596.532 million pounds, 4% less than last year, but above trade expectations.
Poultry totaled 1.013 billion pounds, 5% larger than a year ago, with chicken at 730.099 million pounds, up 6%, and turkey at 279.901 million pounds, up 1%.
USDA’s next set of cold storage estimates is out March 23rd.
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