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USDA: pork stocks climb, beef declines

The USDA says beef supplies in cold storage at the end of August were down on the year, while pork was higher. Both beef and pork were below what analytical firm Allendale Incorporated was projecting heading into the report but were still above the respective five-year averages. Even with a slow start to grilling season in parts of the country, domestic demand has been good much of the year, but exports have been impacted by disputes with key trade partners and retail prices have held at relatively high levels, even as domestic production remains on a record annual pace. Beef came out at 469.380 million pounds, 4% more than at the end of July, but 6% less than on August 31st, 2018. Pork was pegged at 606.024 million pounds, down 1% on the month, but up 4% on the year, with the USDA reporting record levels of bone-in loins, total loins, and ribs. The USDA also reported an all-time high supply of lamb and mutton. Red meat totaled 1.127 billion pounds, an increase of 1% from the previous month and a decrease of 1% from last year.

Poultry stocks were 4% above a month ago but 5% below a year ago at 1.464 billion pounds. Chicken made up most of the total at 897.577 million pounds, up 6% on the month, down 3% on the year, including all-time highs for breast & breast meat, drumsticks, and thigh meat. Turkey was reported at 562.503 million pounds, 1% higher than last month, but 7% lower than last year.

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