Source:  Rita Jane Gabbett, MEATINGPLACE, 6/23/11

Total U.S. frozen poultry supplies on May 31 were up 9 percent from the previous month and up 4 percent from a year ago, according to USDA’s monthly Cold Storage report.

Total stocks of chicken were up 3 percent from the previous month and up 10 percent from last year. Total pounds of turkey in freezers were up 22 percent from last month but down 4 percent from May 31, 2010.
Total red meat supplies in freezers were up 1 percent from the previous month
and up 21 percent from last year.

U.S. frozen pork supplies were down 1 percent from the previous month but up 22 percent from last year. Stocks of pork bellies were up 6 percent from last month and up 28 percent from last year.

J.P.Morgan analyst Ken Goldman called the report negative for the protein industry.

"Domestic consumers are pushing back on higher prices and, as a result, some meat is ending up in freezers rather than on dinner tables. Though it was not a surprise to see stocks remain high, we believe numbers probably have to come down before pricing can rise meaningfully further," he wrote in a note to investors.

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