The USDA reported that total red meat supplies in US freezers on May 31 were down about 7% from the previous month and down about 11% from last year.
Total pounds of beef in freezers were down about 6% from the previous month and down about 20% from last year.
Frozen pork supplies were down about 7% from the previous month and down about 4% from last year.
Stocks of pork bellies were up about 2% from last month and up about 46% from last year.
Total frozen poultry supplies on May 31, were up about 2% from the previous month and up about 9% from a year ago.
Total stocks of chicken were down slightly from the previous month but up about 10% from last year.
Total pounds of turkey in freezers were up about 9% from last month and up about 6% from May 31, 2022.
BEEF STOCKS DECLINE
Total supplies of beef in freezers at the end of May were 423.465 million pounds, down 28.615 million, or 5.33%, from 452.080 million a month earlier and down 102.654 million, or 19.5%, from 526.119 million a year earlier.
Of that, 383.274 million pounds was classed as “boneless” beef, down from 406.894 million a month earlier and down from 478.222 million a year earlier.
Another 40.191 million pounds was “beef cuts.” This was down 4.995 million, or 17.1%, from 45.186 million a month earlier and down 7.706 million, or 16.1%, from 47.897 million a year earlier.
PORK STOCKS DECLINE
The total amount of pork on ice at the end of May was 525.871 million pounds, down 41.562 million, or 7.32%, from 567.433 million a month earlier and down 20.200 million, or 3.70%, from 546.071 million a year earlier.
Of that, 82.545 million pounds was bellies, up 1.298 million, or 1.60%, from 81.247 million a month earlier and up 25.817 million, or 45.5%, from 56.728 million a year earlier.
Hams in cold storage totaled 135.438 million pounds, up 17.930 million, or 15.3%, from 117.508 million a month earlier and up 8.947 million, or 7.07%, from 126.491 million a year earlier.
Another 33.462 million pounds was frozen loins, down 9.389 million, or 21.9%, from 42.851 million a month earlier and down 6.808 million, or 16.9%, from 40.270 million a year earlier.
CHICKEN STOCKS MIXED
As of May 31, frozen chicken supplies totaled 825,427 million pounds, down 3.897 million, or 0.47%, from 829.324 million a month earlier but up 75.134 million, or 10.0%, from 750.293 million a year earlier.
Whole chickens totaled 14.810 million pounds, up 2.329 million, or 18.7%, from 12.481 a month earlier and up 658,000, or 4.65%, from 14.152 million a year earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $182.00 per cwt to $191.00, compared with the previous week’s range of $180.00 to $191.90 per cwt. FOB dressed steers, and heifers went for $286.23 per cwt to $295.18, compared with $284.05 to $299.87.
The USDA choice cutout Friday was down $0.46 per cwt at $334.01 while select was off $3.84 at $299.96. The choice/select spread widened to $34.05 from $30.67 with 61 loads of fabricated product and 17 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.35 to $1.55 a bushel over the Jul corn contract, which settled at $6.30 3/4 a bushel, down $0.29 3/4.
No deliveries were tendered against Jun live cattle Friday.
The CME Feeder Cattle Index for the seven days ended Thursday was $221.00 per cwt, down $0.73. This compares with Friday’s Aug contract settlement of $233.95 per cwt, up $3.27.