Feb. 28 total red meat supplies in freezers were down about 3% from the previous month but up about 2% from last year, according to the USDA’s monthly Cold Storage report Thursday.
Total frozen poultry supplies on Feb. 28, were up about 3% from the previous month and up about 10% from a year ago, the report said. Total chicken stocks were down slightly from the previous month but up about 10% from last year, while total pounds of turkey were up about 11% from last month and up about 10% from last year.
BEEF STOCKS DECLINE
Total pounds of beef in freezers, at 500.206 million pounds, were down 33.822 million, or 6.33%, from 534,028 million the previous month and down 31.362 million, or 5.90%, from 531.568 million last year.
Of that, 459.655 million pounds were classed as “boneless” beef, down 32.712 million, or 6.64%, from 492.367 million last month and down 24.821 million, or 5.12%, from 484.476 million last year.
Another 40.551 million pounds was classed as “beef cuts,” down 1.110 million, or 2.66%, from 41.661 million last month and down 6.541 million, or 13.9%, from 47.092 million last year.
PORK STOCKS RISE
Frozen pork supplies, at 521.188 million pounds, were up 2.254 million, or 0.43%, from 518.934 million the previous month and up 42.873 million, or 8.96%, from 478.315 million last year.
Stocks of pork bellies, at 70.965 million pounds, were up 974,000, or 1.39%, from 69.991 million last month and up 20.850 million, or 41.6%, from 50.115 million last year.
Frozen ham stocks totaled 85.069 million pounds, up 6.484 million, or 8.25%, from 78.585 million last month and up 857,000, or 1.02%, from 84.212 million last year.
Pork loins in cold storage at the end of February totaled 42.555 million pounds, down 2.543 million, or 5.64%, from 45.098 million last month and down 168,000, or 0.39%, from 42.723 million a year ago.
Frozen pork ribs totaled 116.456 million pounds, up 88,000, or 0.08%, from 116.368 million a month ago and up 9.652 million, or 9.04%, from 106.804 million a year ago.
CHICKEN STOCKS MIXED
Total frozen stocks of chicken came to 863.337 million pounds, down 3.816 million, or 0.44%, from 867.153 million a month ago but up 77.680 million, or 9,89%, from 785.657 million a year ago.
Whole chickens in cold storage numbered 13.075 million pounds, down 477,000, or 3.52%, from 13.552 million a month ago but up 1.144 million, or 9.59%, from 11.931 million a year ago.
Frozen leg quarters totaled 65.441 million pounds, down 6.316 million, or 8.80%, from 71.757 million last month and down 30.212 million, or 31.6%, from 95.653 million last year.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $164.03 to $165.84 per cwt, compared with last week’s range of $161.55 to $167.74. FOB dressed steers, and heifers went for $257.00 to $262.24 per cwt, versus $258.70 to $266.29.
The USDA choice cutout Thursday was up $1.48 per cwt at $282.78 while select was off $0.93 at $268.89. The choice/select spread widened to $13.89 from $11.48 with 103 loads of fabricated product and 15 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 $1.60 to $1.70 a bushel over the May corn contract. Bids in Kansas were steady at $0.75 over May, which settled at $6.31 3/4 a bushel, down $0.01 3/4.
The CME Feeder Cattle Index for the seven days ended Wednesday was $187.78 per cwt, up $0.09. This compares with Thursday’s Mar contract settlement of $189.02 per cwt, up $0.77 and Apr’s $195.00, up $0.62.