News

U.S. cheese stocks hit monthly record, pork and beef decline

USDA says red meat supplies declined 4% last month.

Pork came out at 599.112 million pounds, down 6% on the year with solid demand cancelling out a year to year increase in production. Beef was pegged at 458.460 million pounds, 2% less than last year, also thanks to solid demand. Total red meat supplies were reported at 1.102 billion pounds, a 4% year to year decline.

Poultry stocks jumped 5% to 1.279 billion pounds, with a 1% decrease in chicken to 797.838 million pounds cancelling out at 20% increase in turkey to 477.296 million pounds.

The USDA says cheese in cold storage hit a new all-time high for the month at the end of April. The total was up 10% on the year at 1.335 billion pounds, including a 14% jump in American type cheese supplies. Butter was down 1% from last year at 292.288 million pounds because of good domestic spring holiday demand.

U.S. milk production has been at very high levels recently thanks to near record per cow yields and an increased herd, so U.S. dairy product production has also been at very high levels, and export demand is generally slow due to a lot of export competition.