The USDA’s monthly Cold Storage report showed that total US frozen red meat supplies on May 31 were down 2% from a month earlier and down 6% from last year.
The news on beef stocks might be especially good for bullishly construed cattle traders as total pounds of beef on ice were down 6% from a month earlier and down 13% from a year earlier.
Frozen pork supplies were up 1% from April 30 and up 1% from a year earlier as supplies of pork bellies climbed 5% from a month earlier and a year earlier.
Total frozen poultry supplies on May 31 were down 2% from the previous month and down 6% from a year ago. Total stocks of chicken were down 5% from April 30 and down 5% from last year.
BEEF STOCKS DECLINE
Specifically, beef stocks in US freezers on May 31 totaled 403.552 million pounds, down 26.670 million, or 6.20%, from 430.222 million a month earlier and 61.102 million, or 13.1%, below the 464.654 million of a year earlier.
Boneless beef supplies at the end of May totaled 371.108 million pounds, down 25.442 million, or 6.42%, from 396.550 million a month earlier and down 54.980 million, or 12.9%, from 426.089 million a year ago.
The total volume of beef cuts in cold storage for this report was 371.108 million pounds, down 25.442 million, or 6.42%, from 396.550 million a month earlier and down 54.981 million, or 12.9%, from 426.089 million a year earlier.
PORK STOCKS UP RISE
Conversely, pork stocks on May 31, at 628.660 million pounds, were up 7.204 million, or 1.16%, from 621.456 million a month earlier and up 4.935 million, or 0.79%, from 623.725 million a year earlier.
Cold-storage supplies of pork bellies rose to 64.122 million pounds at the end of May, an increase of 3.012 million, or 4.93%, from 61.110 million a month earlier and 2.888 million, or 4.72%, from 61.234 million a year earlier.
The total pounds of frozen hams also rose sharply in May. At 150.129 million pounds, the total stores of hams were up 28.798 million, or 23.7%, from 121.331 million a month earlier and up 88.895 million, or 145.2%, from 61.234 million a year earlier.
Loin stocks were up to 45.784 million pounds, a gain of 2.659 million, or 6.17%, from 43.125 million a month ago and up 9.265 million, or 25.4%, from 36.519 million a year ago.
CHICKEN STOCKS DECLINE
Frozen chicken supplies on May 31 totaled 834.297 million pounds, down 46.758 million, or 5.31%, from 881.055 million a month earlier and down 40.891 million, or 4.67%, from 875.188 million a year earlier.
Breast and breast meat stocks fell to 173.069 million pounds, a decline of 11.067 million, or 6.01%, from 184.136 million a month ago and 13.349 million, or 7.16%, from 186.418 million a year ago.
CATTLE, BEEF RECAP
Cash cattle trading was reported last week at $110 per cwt on a live basis in the Plains down $2 to $4 from last week, and at $182 to $183 on a dressed basis, down $2 to $3.
The USDA choice cutout Friday was down $0.90 per cwt at $219.82, while select was off $1.93 at $199.55. The choice/select spread widened to $20.27 from $19.24 with 73 loads of fabricated product sold into the spot market.
No contract delivery notices were served for the Jun live cattle futures contract Friday.
The CME Feeder Cattle index for the seven days ended Thursday was $131.43 per cwt, down $1.56 from the previous day. This compares with Friday’s Aug contract settlement of $133.67, down $1.02.