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Pork stocks hit end of October record

U.S. pork supplies grew to record end of October levels following a record month for pork production. The USDA says pork stocks were up 8% from the end of October 2018 at 614.508 million pounds, up 8% on the year, including a monthly high for loins. Beef was down 10% at 466.219 million tons, helped out by solid domestic demand, pulling the red meat total to a 1% year to year decrease at 1.123 billion pounds.

Chicken stocks notched an end of October record, climbing 1% on the year to 953.265 million pounds, while turkey dropped 11% to 394.481 million as retailers started preparing for Thanksgiving and the poultry total was 3% lower at 1.352 billion pounds.

U.S. dairy in cold storage declined during October. The USDA says the cheese supply was down 2% on the year at 1.342 billion pounds, with an 8% loss in American cheese to 742.792 million and 15% drop in Swiss at 26.106 million pounds cancelling out an 8% jump for other types of cheese at 573.328 million pounds, a monthly record. Butter was up 3% on the year at 237.741 million pounds, but down sharply on the month with solid retail demand ahead of the holidays. The USDA’s November dairy product production numbers are out December 4th.

The USDA’s next set of supply and demand estimates is out December 10th.

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