The USDA’s monthly Cold Storage report Thursday said total red meat supplies in freezers June 30 were down about 2% from the previous month and down about 2% from last year.
Total frozen poultry supplies on June 30 were up about 2% from the previous month but down about 8% from a year ago, the report from the National Agricultural Statistics Service said.
BEEF STOCKS DECLINE
Total pounds of beef in freezers June 30 were 410.301 million pounds, down 11.312 million, or 2.68% from 421.613 million pounds the previous month and down 435,000, or 0.11%, from 410.736 million pounds last year.
Of that, 372.795 million pounds were classed as “boneless beef,” down 7.153 million, or 1.88%, from 379.948 million a month earlier and down 1.752 million, or 0.47%, from 374.547 million a year earlier.
Another 37.506 million pounds were called “beef cuts,” down 4.159 million, or 9.98%, from 41.665 million a month earlier and down 1.317 million, or 3.64%, from 36.189 million pounds a year earlier.
PORK STOCKS DECLINE
Frozen pork supplies of 470.945 million pounds were down 11.530 million, or 2.39, from 482.475 million pounds the previous month and down 15.866 million, or 3.26%, from 486.811 million last year.
Stocks of pork bellies, at 60.510 million pounds, were down 11.428 million, or 15.9%, from 71.938 million last month and down 9.444 million, or 13.5%, from 69.954 million last year.
Frozen hams totaled 126.203 million pounds, up 16.852 million, or from 109.351 million a month earlier but down from 136.836 million, or 15.4%, a year earlier.
Pork loins on ice totaled 32,875 million pounds, down 1.405 million, or 4.10%, from 34,280 million, last month and down 1.785 million, or 5.15%, from 34.660 million last year.
Cold storage ribs totaled 63.414 million pounds, down 12.918 million, or 16.9%, from 76.332 million a month earlier but up 815,000, or 1.30%, from 62.599 million a year earlier.
CHICKEN STOCKS MIXED
Total stocks of chicken were 751.470 million pounds, up 4.378 million, or 0.59%, from 747.092 million the previous month but down 108.386 million, or 12.6%, from 859.856 million last year.
Of that, 11.530 million pounds were whole birds, down 1.082 million, or 8.58%, from 12.612 million a month earlier and down 2.412 million, or 17.3%, from 13.942 million a year earlier.
Breasts and breast meat stores totaled 207.676 million pounds, down 1.638 million, or 0.78%, from 209.314 million a month earlier and down 28.147 million, or 11.9%, from 235.823 million a year earlier.
Total pounds of turkey in freezers were up about 5% from last month and up about 2% from June 30, 2023.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $188.00 per cwt to $198.00, compared with last week’s range of $188.00 to $200.95 per cwt. FOB dressed steers, and heifers went for $296.46 per cwt to $308.96, compared with $297.15 to $309.23.
The USDA choice cutout Thursday was down $0.22 per cwt at $312.46 while select was up $1.15 at $295.11. The choice/select spread narrowed to $17.35 from $18.72 with 107 loads of fabricated product and 24 loads of trimmings and grinds sold into the spot market.
The weighted average USDA listed wholesale price for fresh 90% lean beef was $380.94 per cwt, and 50% beef was $144.41.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.56 to $1.78 a bushel over the Sep corn contract, which settled at $4.06 a bushel, up $0.02 1/4.
The CME Feeder Cattle Index for the seven days ended Wednesday was $259.06 per cwt, up $0.67. This compares with Thursday’s Aug contract settlement of $258.62, up $1.50.