The USDA’s monthly Cold Storage report Monday said total red meat supplies in US freezers on Nov. 30 were down about 3% from the previous month and down about 5% from last year.
Total frozen poultry supplies were down about 9% from the previous month and down about 7% from a year ago.
BEEF STOCKS MIXED
Total pounds of beef in freezers, at 440.542 million pounds, were up 7.773 million, or 1.80%, from 432.768 million the previous month but down 16.869 million, or 3.69%, from 457.411 million last year.
Of that, 398.209 million pounds were classed as “boneless” beef, up 10.047 million, or 2.59%, from 388.162 million pounds a month earlier but down 18.913 million, or 4.53%, from 417.122 million a year earlier.
Another 42.333 million pounds was “beef cuts,” down 2.273 million, or 5.10%, from 44.606 million in October but up 2.044 million, or 5.07%, from 40.289 million in November 2023.
PORK STOCKS DOWN
Frozen pork supplies, at 391.071 million pounds, were down 35.285 million, or 8.28%, from 426.356 million the previous month and down 24.491 million, or 65.92, from 415.662 million last year.
Stocks of pork bellies, at 22.504 million pounds, were up 6.264 million, or 38.6%, from 16.240 million last month but down 25.819 million, or 53.4%, from 48.323 million last year.
Hams on ice totaled 69.279 million pounds, down 46.868 million, or 40.4%, from 116.147 million a month ago but up 11.989 million, or 20.9%, from 57.290 million a year ago.
Frozen loins totaled 38.948 million pounds, up 123,000, or 0.32%, from 38.825 million a month earlier but down 1.561 million, or 3.85%, from 40.509 million a year earlier.
CHICKEN STOCKS ALSO MIXED
Total stocks of chicken, at 810.400 million pounds, were up 5.842 million, or 0.73%, from 804.558 million the previous month but down 70.120 million, or 7.96%, from 880.520 million last year.
Whole fryers in freezers totaled 10.801 million pounds, down 2.068 million, or 16.1%, from 12.869 million a month earlier and down 1.371 million, or 11.3%, from 12.172 million a year earlier.
Breasts and breast meat stocks totaled 234.650 million pounds, up 6.697 million, or 2.94%, from 227.953 million a month earlier and up 4.738 million, or 1.98%, from 239.388 million a year earlier.
Leg quarters on ice totaled 66.243 million pounds, up 1.913 million, or 2.97%, from 64.330 million a month ago but down 4.619 million, or 6.52%, from 70.862 million a year ago.
Total pounds of turkey in freezers were down 34% from last month and down slightly from Nov. 30, 2023.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $192.47 per cwt to $192.49, compared with last week’s range of $191.52 to $194.79 per cwt. FOB dressed steers, and heifers went for $301.59 per cwt to $302.53, compared with $299.65 to $307.99.
The USDA choice cutout Monday was up $0.13 per cwt at $315.98 while select was up $0.84 at $286.75. The choice/select spread narrowed to $29.23 from $29.94 with 87 loads of fabricated product and 27 loads of trimmings and grinds sold into the spot market.
The USDA-listed weighted average wholesale price for fresh 90% lean beef was $320.21 per cwt, and 50% beef was $65.19.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.19 to $1.35 a bushel over the Mar corn contract, which settled at $4.47 3/4, up $0.01 1/2.
No delivery intentions were posted for the Dec live cattle contract Monday.
The CME Feeder Cattle Index for the seven days ended Friday was $263.00 per cwt, up $0.85. This compares with Monday’s Jan contract settlement of $256.60, up $1.00.