Total red meat supplies in freezers on July 31 were down about 3% from the previous month and from last year, according to the monthly Cold Storage report from the USDA’s National Agricultural Statistics Service Friday.
Total frozen poultry supplies were up about 2% from the previous month but down about 5% from a year ago.
BEEF STOCKS DOWN
Total pounds of beef in freezers July 31, at 407.127 million pounds, were down 799,000 pounds, or 0.20%, from 407.926 million the previous month and down 3.332 million, or 0.81%, from 410.459 million last year.
Of that, 41.682 million pounds were classed as “beef cuts,” up 3.119 million, or 8.09%, from 38.563 million a month ago and up 2.238 million, or 5.67%, from 39.444 million a year ago.
Another 365.445 million pounds was “boneless” beef, down 3.918 million, or 1.06%, from 369.363 million a month earlier and down 5.570 million, or 1.50%, from 371.015 million a year earlier.
PORK STOCKS DOWN
Frozen pork supplies, at 450.704 million pounds, were down 24.176 million, or 5.09%, from 575.880 million the previous month and down 20.060 million, or 4.26%, from 470.764 million last year.
Stocks of pork bellies, at 42.708 million pounds were down 18.363 million, or 30.1%, from 61.071 million last month and down 8.461 million, or 16.5%, from 51.169 million last year.
Hams in cold storage totaled 139.230 million pounds, up 11.010 million, or 8.59%, from 128.220 million a month ago and up 1.584 million, or 1.15%, from 137.646 million a year ago.
Frozen pork loins July 31 totaled 33.821 million pounds, up 731,000, or 2.21%, from 33.090 million a month earlier but down 244,000, or 0.72%, from 34.065 million a year earlier.
CHICKEN STOCKS MIXED
Total stocks of chicken. at 757.091 million pounds, were up 11.312 million, or 1.52%, from 745.779 million the previous month but down 88.475 million, or 10.5%, from 845.566 million last year.
Whole chickens on ice totaled 12.237 million pounds, up 712,000, or 6.18%, from 11.525 million a month earlier but down 3.419 million, or 21.8%, from 15.656 million a year earlier.
Frozen leg quarters totaled 63.323 million pounds, up 8.656 million, or 15.8%, from 54.667 million last month but down 5.857 million, or 8.47%, from 69.180 million last year.
Total pounds of turkey in freezers, at 460.678 million pounds, were up 14.529 million, or 3.26%, from 446.149 million last month and up 20.884 million, or 4.75%, from 439.794 million on July 31, 2023.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $185.00 per cwt to $196.79, compared with the previous week’s range of $184.41 to $196.56 per cwt. FOB dressed steers, and heifers went for $292.43 per cwt to $300.38, compared with $294.90 to $303.69.
The USDA choice cutout Friday was up $1.35 per cwt at $317.34 while select was down $1.57 at $300.46. The choice/select spread widened to $16.88 from $13.96 with 102 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 $375.88 per cwt, and 50% beef was $145.66.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.50 to $1.60 a bushel over the Sep corn contract, which settled at $3.67 3/4 a bushel, down $0.03 3/4.
No live cattle contracts were tendered for delivery Friday.
The CME Feeder Cattle Index for the seven days ended Thursday was $241.78 per cwt, down $0.97. This compares with Friday’s Aug contract settlement of $242.57, up $0.60, and the Sep settlement of $238.57, up $0.37.