Friday’s monthly USDA Cold Storage report said total red meat supplies in freezers were down about 1% from last month but up about 24% from last year.
Total frozen poultry supplies on June 30 were up about 5% from last month and up about 4% from a year ago.
BEEF STOCKS MIXED
Total pounds of beef in freezers were pegged at 516.203 million pounds, down 9.937 million, or 1.89%, from 526.140 million last month but up 114.688 million, or 28.6%, from 401.515 million last year.
Of that, 468.801 million pounds was classed as boneless beef, down 9.442 million, or 1.97%, from 478.243 million last month but up 96.832 million, or 26.0%, from 371.969 million last year.
Another 47.402 million pounds was classed as beef cuts, down 495,000, or 1.03%, from 47.897 million last month but up 17.854 million, or 60.4%, from 29.546 million last year.
PORK STOCKS MIXED
Frozen pork supplies, at 540.993 million pounds, were down 5.068 million, or 0.93%, from 546.061 million last month but up 99.077 million, or 22.4%, from 441.916 million last year.
Stocks of pork bellies, at 53.194 million pounds, were down 3.534 million, or 6.23%, from 56.728 million last month but up 16.809 million, or 46.2%, from 36.385 million last year.
Frozen hams supplies were pegged at 139.219 million pounds, up 12.728 million, or 10.1%, from 126.491 million last month and up 8.669 million, or 6.64%, from 130.550 million last year.
Pork loins on ice totaled 35.296 million pounds, down 4.974 million, or 12.4%, from 40.270 million last month but up 1.425 million, or 4.21%, from 33.871 million last year.
Ribs totaled 108.935 million pounds, down 6.065 million, or 5.27%, from 115.000 million a month ago but up 39.659 million, or 57.2%, from 69.276 million a year ago.
CHICKEN STOCKS RISING
Total stocks of chicken, at 772.071 million pounds, were up 21.650 million, or 2.89%, from 750.421 million the previous month and up 33.804 million, or 4.58%, from 738.267 million last year.
Frozen whole chickens were posted at 12.269 million pounds, down 1.883 million, or 13.3%, from 14.152 million last month and down 706,000, or 5.44%, from 12.975 million last year.
Chicken breasts and breast meat totaled 180.810 million pounds, up 9.078 million, or 5.29%, from 171.732 million last month but down 14.314 million, or 7.34%, from 195.124 million last year.
Chicken leg quarters in cold storage totaled 71.747 million pounds, down from 79.243 million last month but up from 68.361 million last year.
Total pounds of turkey in freezers, at 415.123 million pounds, were up 9.93% from 377.609 million last month and up 2.25%, from 405.996 million last year.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $139.36 to $141.71 per cwt, compared with last week’s range of $137.00 to $145.17. FOB dressed steers, and heifers went for $219.16 to $219.26 per cwt, versus $216.89 to $220.37.
The USDA choice cutout Monday was up $0.99 per cwt at $268.11, while select was up $2.50 at $245.00. The choice/select spread narrowed to $23.11 from $24.62 with 64 loads of fabricated product and 26 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were steady to down $0.10 at $2.60 to $2.80 a bushel over the Sep futures and for southwest Kansas were up $0.20 at $0.10 over Sep, which settled at $5.80, up $0.15 3/4.
The CME Feeder Cattle Index for the seven days ended Friday was $169.02 per cwt down $1.99. This compares with Monday’s Aug contract settlement of $179.30, down $2.25.