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Cold Storage: chicken supplies down, red meat up
Story Date: 4/24/2012
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Source: Rita Jane Gabbett, MEATINGPLACE, 4/23/12
Total frozen poultry supplies on March 31 were up slightly from the previous month but down 7 percent from a year ago, according to USDA’s monthly Cold Storage report.
Total stocks of chicken were down 4 percent from the previous month and down 17 percent from last year. Total pounds of turkey in freezers were up 7 percent from last month and up 15 percent from March 31, 2011.
Total red meat supplies in freezers were up 3 percent from the previous month and up 11 percent from last year.
Total pounds of beef in freezers were up 8 percent from the previous month and up 14 percent from last year.
According to the livestock analysts who write the CME Group's Daily Livestock Report, the rise in beef stocks was likely due to disruptions caused by negative LFTB stories and a reported slowdown in ground beef demand.
Frozen pork supplies were down 2 percent from the previous month but up 7 percent from last year.
Stocks of pork bellies were up 7 percent from last month and up 26 percent from last year.
The analysts called the report bearish for beef and pork prices and moderately bullish for chicken prices.
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