Total US frozen red meat supplies on March 31 were down about 2% from the previous month but up about 7% from last year, but all of the decline was in pork supplies, according to Wednesday’s monthly Cold Storage report from the USDA’s National Agricultural Statistics Service.
Total pounds of beef in US freezers were up about 2% from the previous month and up about 11% from last year, the report said.
In contrast, frozen pork supplies were down about 4% from a month earlier but up about 2% from a year earlier, NASS said. Stocks of pork bellies were up about 6% from last month and up about 34% from last year.
Total frozen poultry supplies in the latest report were up about 4% from the previous month but down roughly 2% from a year ago, the report said.
BEEF SUPPLIES GROW
Total pounds of beef in cold storage amounted to 502.424 million pounds, up 7.831 million, or 1.58%, from 494.593 million at the end of February and up 50.484 million, or 11.2%, from 451.940 million a year earlier. This still is less than the record high of 511.233 million pounds set in 2013
Frozen boneless beef in cold storage was a record 466.869 million pounds, up 6.529 million, or 1.42%, from 460.340 million a month earlier and up 44.559 million, or 10.6%, from 422.310 million a year earlier.
Total beef cuts in cold storage was 35.555 million pounds, up 1.302 million, or 3.80%, from 34.253 million on Feb. 29 and up 5.925 million, or 20.0%, million, or from 29.630 million on March 31, 2019. This was well below the record of 77.072 million set in 1974.
PORK SUPPLIES MIXED
Total pork supplies on ice in the US came to 621.933 million pounds, down 27.042 million, or 4.17%, from 648.975 million a month earlier but up 13.554 million, or 2.23%, from 608.379 million a year earlier. This was below the record high of 672.431 million pounds on hand on March 31, 2015.
Pork bellies in cold storage came to 78.822 million pounds, up 4.552 million, or 6.13%, from 74.270 million a month earlier and up 20.039 million, or 34.1%, from 58.783 million a year earlier. This is nowhere close to the record of 139.494 million set in 1964.
Pork ribs on ice totaled 136.156 million pounds, down 2.459 million, or 1.77%, from 138.615 million a month earlier and down 4.623 million, or 3.28%, from 140.779 million a year earlier.
Total hams in cold storage amounted to 88.294 million pounds, down 26.240 million, or 22.9%, from 114.534 million at the end of February and down 15.192 million, or 14.7%, from 103.486 million at the end of March, 2019.
CHICKEN STOCKS MIXED
The total volume of frozen chicken was 921.422 million pounds, down 3.011 million, or 0.33%, from 924.433 million a month earlier but up 53.063 million, or 7.73%, from 868.359 million a year earlier.
CATTLE, BEEF RECAP
Cash cattle trade Tuesday was reported ranging from $95 to $105 per cwt on a live basis, steady to down $10 from last week. Dressed-basis trade took place at $150 per cwt, steady to down $18.
The USDA choice cutout Wednesday was up $15.90 per cwt at $275.75, while select was up $12.20 at $261.02. The choice/select spread widened to $14.73 from $11.03 with 70 loads of fabricated product sold into the spot market.
There were no deliveries against the Apr futures contract tendered on Wednesday.
The CME Feeder Cattle index for the seven days ended Tuesday was $119.66 per cwt, up $0.03. This compares with Wednesday’s Apr contract settlement of $118.47, up $0.57.