Red meat in cold storage down, poultry up
U.S. red meat supplies in cold storage fell sharply during May while poultry stocks swelled.
That lower move for pork and beef can be linked to the official start of grilling season and generally solid demand because red meat production for the month was record large.
Red meat totaled 975.31 million pounds, a decrease of 11% on the year, including a 20% drop in beef to 423.465 million pounds and a 4% decline for pork at 525.871 million pounds. That lower pork total was despite a 46% rise in the closely watched pork belly category.
Poultry in cold storage came out at 1.229 billion pounds, an increase of 9%, including a 10% jump in chicken to 825.427 million pounds and a 6% gain for turkey to 401.17 million pounds.
The USDA’s next round of supply and demand estimates for meat is out July 12th.