5-28-24 – Total red meat supplies in freezers on April 30 were up about 4% from the previous month but down about 9% from last year, the USDA said Friday in its monthly Cold Storage report.
Total frozen poultry supplies were up about 3% from the previous month but down about 5% from a year ago.
BEEF STOCKS DECLINE
Total pounds of beef in freezers April 30, at 430.683 million pounds, were down 3.821 million, or 0.88%, from 434.504 million the previous month and down 21.397 million, or 4.73%, from 452.080 million last year.
Of that, 391.007 million pounds were “boneless” beef stocks, down 6.867 million, or 1.73%, from 397.874 million a month earlier and down 15.9%, from 406.894 million a year earlier.
Another 39.676 million pounds were “beef cuts,” up 3.046 million, or 8.32%, from 36.630 million in March but down 5.510 million, or 12.2%, from 45.186 million in 2023.
PORK SUPPLIES MIXED
Frozen pork supplies, at 501.279 million pounds, were up 38.192 million, or 8.25%, from 463.087 million the previous month but down 66.154 million, or 11.7%, from 567.433 million last year.
Stocks of pork bellies, at 76.741 million pounds, were up 2.232 million, or 3.00%, from 74.509 million last month but down 4.506 million, or 5.55%, from 81.247 million last year.
Frozen ham stocks totaled 95.124 million pounds, up 24.836 million, or 35.3%, from 70.288 million a month earlier but down 22.384 million, or 19.0%, from 117.508 million a year earlier.
Total loins in cold storage came to 40.192 million pounds, up 208,000, or 0.52%, from 39.984 million a month earlier but down 2.659 million, or 6.21%, from 42.851 million a year earlier.
Pork ribs on ice totaled 93.050 million pounds, up 3.315 million, or 3.69%, from 89.735 million a month earlier but down 12.691 million, or 12.0%, from 105.741 million a year earlier.
CHICKEN STOCKS DECLINE
Total stocks of chicken, at 743.819 million pounds, were down 19.704 million, or 2.59%, from 763.523 million the previous month and down 85.792 million, or 10.3%, from 829.611 million last year.
Of that, 11.084 million pounds were whole chickens, down 404,000, or 3.41%, from 11.488 million a month earlier and down 1.397 million, or 11.2%, from 12.481 million a year earlier.
Another 208.837 million pounds were breasts and breast meat, down 12.672 million, or 5.72%, from 221.509 million a month earlier and down 13.243 million, or 5.96%, from 222.080 million a year earlier.
Total pounds of turkey in freezers, at 390.598 million pounds, were up about 9% from 357.766 million last month and up about 6% from 367.965 million on April 30, 2023.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $184.00 per cwt to $194.17, compared with the previous week’s range of $184.00 to $189.52 per cwt. FOB dressed steers, and heifers went for $289.67 per cwt to $295.90, compared with $289.94 to $295.35.
The USDA choice cutout Friday was up $0.61 per cwt at $310.45 while select was up $1.64 at $301.72. The choice/select spread narrowed to $8.73 from $9.76 with 88 loads of fabricated product and 19 loads of trimmings and grinds sold into the spot market.
The weighted average USDA listed wholesale price for fresh 90% lean beef was $350.98 per cwt, and 50% beef was $71.17.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.38 to $1.50 a bushel over the Jul corn contract, which settled at $4.64 ¾ a bushel, up $0.00 3/4.
The CME Feeder Cattle Index for the seven days ended Thursday was $250.14 per cwt, up $1.33. This compares with Friday’s Aug contract settlement of $260.22, down $1.22.