Total red meat supplies in US freezers on March 31 were down about 1% from the previous month and down about 1% from last year, the USDA’s National Agricultural Statistics Service said in a revised Cold Storage report from last week. The updated version was released Monday.
Total pounds of beef in freezers March 31 were down about 4% from the previous month and down about 10% from last year.
Frozen pork supplies were up about 2% from the previous month and up about 10% from last year.
Stocks of pork bellies were up 8% from last month and up 35% from last year.
Total frozen poultry supplies on March 31, were up about 1% from the previous month and up about 9% from a year ago.
BEEF STOCKS DECLINE
Frozen beef stocks on March 31 totaled 580.896 million pounds, down 80.113 million, or 16.0% from 500.783 million a month earlier and down 45.057 million, or 8.41%, from 535.839 million a year earlier.
Of that, 435.589 million pounds were classed as “boneless” beef, down 24.600 million, or 5.34%, from 460.189 million a month earlier and down 50.858 million, or 10.5%, from 486.447 million a year earlier.
Another 45.307 million pounds were classed as “beef cuts,” up 4.713 million, or 11.6%, from 40.594 million a month earlier but down 4.085 million, or 8.27%, from 49.392 million a year earlier.
PORK STOCKS RISE
Pork stocks on ice March 31 totaled 533.916 million pounds, up 12.310 million, or 2.36%, from 521.606 million a month earlier and up 47.917 million, or 9.86%, from 485.999 million a year earlier.
Frozen pork bellies totaled 76.979 million pounds, up 5.968 million, or 8.40%, from 71.011 million a month earlier and up 20.143 million, or 35.4%, from 56.836 million a year earlier.
Hams in cold storage totaled 84.701 million pounds, up 577,000, or 0.68%, from 85.278 million a month earlier and up 10.583 million, or 14.3%, from 74.118 million a year earlier.
Of the total, another 43.335 million pounds of frozen pork was loins, up 565,000, or 1.32%, from 42.770 million a month earlier and up 3.863 million, or 9.79%, from 39.472 million a year earlier.
POULTRY STOCKS RISE
Total stocks of chicken in cold storage were 854.132 million pounds, down 11.654 million, or 1.35%, from 865.786 million the previous month but up 67.889 million, or 8.63%, from 786.243 million last year.
Total pounds of turkey in freezers, at 338.327 million pounds, were up 20.850 million, or 6.57%, from 317.477 million last month and up 30.240 million, or 9.82%, from 308.087 million on March 31, 2022.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $176.13 per cwt to $176.44, compared with last week’s range of $174.50 to $182.37 per cwt. FOB dressed steers, and heifers went for $274.40 per cwt to $277.13, compared with $274.41 to $284.12.
The USDA choice cutout Monday was down $1.42 per cwt at $310.02 while select was up $2.66 at $291.00. The choice/select spread narrowed to $19.02 from $23.10 with 59 loads of fabricated product and 19 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were up $0.16 to $0.18 at $1.71 to $1.83 a bushel over the Jul corn contract, which settled at $5.84 1/2 a bushel, down $0.00 1/2.
Thirty-two heifer and four steer contracts were tendered for delivery on Monday.
The CME Feeder Cattle Index for the seven days ended Friday was $201.81 per cwt, down $1.39. This compares with Monday’s May contract settlement of $209.70 per cwt, down $1.27.