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Too much of a good thing? Poultry pushes cold storage stocks higher
Story Date: 3/26/2013
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Source: Rita Jane Gabbett, MEATINGPLACE, 3/25/13
Total frozen poultry supplies on Feb. 28, 2013, were up 2
percent from the previous month and up 9 percent from a year ago, according to
USDA’s monthly Cold Storage report.
Total stocks of chicken were down 3 percent from the
previous month but up 6 percent from last year. Total pounds of turkey in
freezers were up 11 percent from last month and up 14 percent from Feb. 29,
2012.
Though breast stocks were up only 4 percent, leg quarters
were up 15 percent and wings up 86 percent, which was the largest year-on-year
increase in over a year, J.P. Morgan analyst Ken Goldman noted in an investors’
report.
“It was not a good month for poultry movement and there is
more chicken on the way. These poultry supplies could get large indeed,” wrote
the analysts in the Daily Livestock Report, published by Steve Meyer and
Len Steiner Inc.
Red meat
USDA reported total red meat supplies in freezers were up
3 percent from both the previous month and last year.
Total pounds of beef in freezers were up 1 percent from
the previous month and up 4 percent from last year. The equivalent of 26.2
percent of February beef production was in storage, also the largest in any
month in at least a decade, Goldman noted.
Frozen pork supplies were up 5 percent from the previous
month and up 2 percent from last year. Stocks of pork bellies were up 17
percent from last month but down 31 percent from last year. Goldman noted the
equivalent of 35.8 percent of February pork production was in storage, the
largest in any month in at least a decade.
February this year had one less working day than last
February, which was leap year.
For more stories, go to http://www.meatingplace.com/.
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