USDA reports big drop in pork belly stocks
U.S. pork belly stocks at the end of June hit a new all-time monthly low.
Strong wholesale, export, and consumer demand pulled belly stocks 65% lower than a year ago to 22.291 million pounds, bring total pork stocks down 4% on the year at 562.973 million, despite new record highs in loin and ham stocks and record monthly pork production in June. Beef stocks were down 10% on the year at 416.681 million pounds also thanks to solid overall demand and red meat stocks declined 7% to 1.018 billion pounds.
Poultry supplies were up 4% at 1.377 billion pounds, with a 12% jump in turkey stocks to 565.336 million cancelling out a 1% decline in chicken to 808.754 million pounds.
U.S. cheese stocks at the end of June were a new monthly record high at 1.317 billion pounds. Cheese stocks were up 5% on the year with milk production staying at a high rate last month ahead of a seasonal slowdown. American cheese stocks were up 7%, Swiss was 4% higher, and other types of cheese were up 3%. Butter was down 5% at 310.114 million pounds because of solid domestic and export demand.