News

USDA: beef, pork stocks down on year

Beef demand was solid during April. The USDA says beef in cold storage at the end of last month was 430.346 million pounds, 5% less than the previous month and lower than what some analysts were expecting following a much larger than average month to month drawdown. According to Allendale, the five-year average is for a 3-million-pound decline, this was more than 20 million. That’s also down 9% on the year.

Pork was pegged at 621.863 million pounds, up 2% on the month and down 2% on the year, also with stronger than normal implied demand. Ribs and boneless hams were at record levels. The five-year average is for a 26 million pound increase, this was under 13.5 million.

Red meat totaled 1.099 billion pounds, slightly higher than the month before, but down 5% on the year.

Poultry was reported at 1.369 billion pounds, a 2% increase from a year ago, with record chicken supplies cancelling out a decline in turkey. Chicken was up 3% from last year at 893.554 million pounds, also notching all-time monthly highs for drumsticks and thigh meat, while turkey totaled 471.233 million pounds, a 5% decrease, even with record breast supplies.

The USDA’s monthly red meat production numbers are out Thursday afternoon and poultry slaughter numbers are scheduled for Friday.