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Cold storage inventory is drawn down, but still high
Story Date: 7/24/2012
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Source: Lisa M. Keefe, MEATINGPLACE, 7/23/12
The amount of beef, pork and poultry in cold storage was less at the end of June than it had been at the end of May, but nevertheless far greater than for the same period a year ago, according to the USDA’s most recent report.
Total poultry and meat inventory was just over 1 billion pounds on June 30, a 6 percent drop from the month earlier. Still, that level of inventory is 14.7 percent higher than a year ago.
Frozen pork supplies were down 7 percent from the previous month — the amount of every individual cut fell except for hams — but up a whopping 20 percent from last year. Stocks of pork bellies were down 25 percent from last month but up 1 percent from last year.
Pork storage as a percent of monthly production was 33.8 percent, the highest in June since 1985, pointed out Ken Goldman, equity analyst for J.P. Morgan.
Over in beef, the year-over-year increase on June 30 was not as great as the jump for pork. Still the June 30 inventory of 470.8 million pounds was the largest ever for that date, says Steve Meyer and Len Steiner in their newsletter, the Daily Livestock Report.
Poultry bucked the year-over-year trend on June 30, up 5 percent on that date compared with the end of May, but down 6 percent from year-ago levels.
Total stocks of chicken were up 1 percent from the previous month but down 14 percent from last year. Total pounds of turkey in freezers were up 10 percent from last month and up 8 percent from June 30, 2011.
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