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USDA data shows decline in pork stocks in June
Story Date: 7/24/2013
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Source: Rita Jane Gabbett, MEATINGPLACE, 7/23/13
USDA’s monthly Cold Storage report showed frozen pork supplies were down 14 percent from the previous month and down 5 percent from last year in June.
Stocks of pork bellies were down 22 percent from last month and down 13 percent from last year.
“With pork belly prices rising to all time record highs, and given the seasonal tendency for bellies to be lower after Sept. 1, belly owners likely saw an opportune time to sell high,” analysts wrote in the Daily Livestock Report, published by Steve Meyer and Len Steiner Inc.
Pork belly stocks are now almost 25 percent smaller than the five-year average for June, the DLR noted.
Pork rib inventories in June were down 38 percent from May and down 21 percent from a year ago. “June is also the time of year when end users empty their freezers of the pork ribs that they have accumulated in the previous six months,” according to the DLR.
Poultry
Total frozen poultry supplies on June 30, 2013, were up 3 percent from the previous month and up 3 percent from a year ago.
Total stocks of chicken were down 2 percent from the previous month but up 3 percent from last year. Total pounds of turkey in freezers were up 9 percent from last month and up 4 percent from June 30, 2012.
Beef
Total pounds of beef in freezers were down slightly from the previous month but up 3 percent from last year. Boneless beef inventories were up, while inventories of cut beef were down compared to last year.
J.P.Morgan analyst Ken Goldman noted while beef levels in freezers remained close to last year’s level, they are still elevated versus historical levels.
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