The total volume of red meat in US freezers as of June 30 was down about 2% from last month and down slightly from last year, while poultry supplies were up from a month earlier but down from a year earlier, according to the USDA’s monthly Cold Storage report Monday.
The data from the USDA’s National Agricultural Statistics Service showed that red meat demand remained good, although industry reports say many livestock producers chafe at constricted export opportunities.
BEEF STODKS DECLINE
Total beef stocks in cold storage on June 30 amounted to 394.525 million pounds, down 10.627 million, or 2.62%, from 405.152 million a month earlier and down 54.060 million, or 12.1%, from 448.585 million a year earlier.
There were 361.114 million pounds of boneless beef on ice June 30, down 11.594 million, or 3.11%, from 372.708 million a month earlier and down 46.017 million, or 11.3%, from 407.131 million a year earlier.
However, supplies of beef cuts were mixed, possibly reflecting the heat wave that encompassed much of the US and a possible associated decline in grilling interest, a market analyst said.
There were 33.411 million pounds of frozen beef cuts on hand June 30, up 967,000, or 2.98%, from 32.444 million a month earlier but down 8.043 million, or 19.4%, from 41.454 million a year earlier.
PORK STOCKS MIXED
Supplies of pork in cold storage also were mixed, although most cuts tended to be up from a year earlier.
Total stocks on ice were 622.367 million pounds, down 6.589 million, or 1.05%, from 628.956 million a month ago but up 40.488 million, or 6.96%, from 581.879 million a year ago.
Pork bellies in cold storage came to 56.463 million pounds, down 7.661 million, or 11.9%, from 64.124 million a month ago but up 3.184 million, or 5.98%, from 53.279 million a year ago.
The volume of hams in cold storage June 30 was 170.605 million pounds, up 20.496 million, or 13.7%, from 150.109 million on May 31 and up 21.948 million, or 14.8%, from 148.657 million on June 30, 2018.
The amount of loins on hand June 30 totaled 48.427 million pounds, up 2.637 million, or 5.76%, from 45.790 million a month earlier and up 16.478 million, or 51.6%, from 31.949 million a year earlier.
CHICKEN SUPPLIES MIXED
Supplies of chicken in cold storage showed more balance than beef and especially pork with total chicken supplies at 836.220 million pounds, up 1.922 million, or 0.23%, from 834.298 million a month earlier but down 51.764 million, or 5.83%, from 887.984 million a year earlier.
The total pounds of broilers, fryers and roasting chickens on hand came to 21.490 million pounds, up 1.907 million, or 9.74%, from 19.583 million a month earlier and up 6.120 million, or 39.8%, from 15.370 million a year earlier.
Breast and breast meat supplies totaled 177.728 million pounds, up from 173.077 million a month earlier but down from 181.547 million a year earlier.
CATTLE, BEEF RECAP
Cash cattle traded in the Plains last week at $111 to $114.50 per cwt on a live basis, steady to down $0.50 from the previous week. Dressed-basis trading was reported at a steady $182 to $185.
The USDA choice cutout Monday was down $0.10 per cwt at $213.32, while select was up $0.908 at $189.59. The choice/select spread narrowed to $23.73 from $23.91 with 63 loads of fabricated product sold into the spot market.
The CME Feeder Cattle index for the seven days ended Friday was $138.16 per cwt, down $0.49 from the previous day. This compares with Monday’s Aug contract settlement of $142.17, up $2.20.