Total stocks of red meat in US freezers on Oct. 31 were up from Sep. 30 but were down from Oct. 31, 2019, as total poultry stocks on ice fell from a month earlier and a year earlier, the USDA said in its monthly Cold Storage Report Monday.
Frozen beef stocks were up from a month earlier and from a year earlier, while frozen pork stocks declined from a month earlier and a year earlier, the USDA said.
Chicken supplies were up from a month earlier but were down from last year, as turkey supplies were down from last month and last year.
BEEF STOCKS RISE
The total volume of beef in the nation’s freezers on Oct. 31 came to 500.473 million pounds, up 37.453 million, or 8.09%, from 463.020 million a month earlier and up 34.207 million, or 7.34%, from 466.266 million a year earlier.
Boneless beef on hand in US freezers amounted to 461.312 million pounds, up 33.444 million, or 7.82%, from 427.868 million a month earlier and up 31.279 million, or 7.27%, from 430.033 million a year earlier.
Total beef cuts in cold storage came to 39,161 million pounds, up 4.009 million, or 11.4%, from 35.152 million a month earlier and up 2,928 million, or 8.08%, from 36.233 million a year earlier.
PORK STOCKS DECLINE
Total inventories of pork in cold storage on Oct. 31, at 448.157 million pounds, were down 17.462 million, or 3.75%, from 465.619 million on Sep. 30 and were down 163.759 million, or 26.8%, from 611.916 million on Oct. 31, 2019.
The volume of pork bellies in cold storage was reported at 19.684 million pounds, down 5,162 million, or 20.8%, from 24.846 million a month earlier and down 25.730, or 56.7%, from 45.414 million a year earlier.
Hams in cold storage came to 123.243 million pounds, down 22.751 million, or 15.6%, from 145.994 million a month earlier and down 50.561 million, or 29.1%, from 173.804 million a year earlier.
Volumes of pork loins on ice Oct. 31 came to 41.768 million pounds, up 797,000, or 1.95%, from 40.971 million a month earlier but down 218,000, or 0.52%, from 41.986 million a year earlier.
CHICKEN STOCKS MIXED; TURKEY DOWN
Supplies of chicken on hand in cold storage came to 912.137 million pounds, up 23.846 million, or 2.68%, from 888.291 million a month earlier but down 42.189 million, or 4.42%, from 954.326 million a year earlier.
The total amount of turkey on ice was 377.033 million pounds, down 124.098 million, or 24.8%, from 501.131 million a month earlier and down 15.975 million, or 4.06%, from 393.008 million a year earlier.
CATTLE, BEEF RECAP
Fed cattle trading last week was seen at $109 to $111 per cwt, mostly $110, on a live basis, down $1 to up $1 from the previous week. Dressed-basis trading was done at a steady $172.
The USDA choice cutout Monday was up $3.25 per cwt at $241.60, while select was up $2.50 at $217.48. The choice/select spread widened to $24.12 from $23.37 with 96 loads of fabricated product and 25 loads of trimmings and grinds sold into the spot market.
The USDA reported Monday that basis bids for corn from livestock feeding operations in the Southern Plains were unchanged at $1.05 to $1.12 a bushel over the Dec CBOT futures contract, which settled at $4.26 1/2 a bushel, up $0.03 1/4.
The CME Feeder Cattle Index for the seven days ended Friday was $136.94 per cwt, up $0.19. This compares with Monday’s Jan contract settlement of $137.82 per cwt, up $3.22.