Frozen beef supplies tightened further during June, with today’s Cold Storage Report showing there were 394.525 million lbs. of beef in the nation’s freezers as of June 30. That’s a 10.6-million-lb. (2.6%) decline from the month prior and a dramatic 54.1-million-lb. (12.1%) drawdown from year-ago, signaling continued demand strength for beef. The five-year average drawdown in beef stocks during June is 5.8 million pounds.
Frozen pork stocks edged 6.6 million lbs. (1.0%) lower over the month of June to 622.367 million lbs., but were nearly 60.5 million lbs. (10.8%) higher than year-ago levels. The five-year average drawdown in pork stocks during June is 38.3 million pounds. Belly stocks were up 6.0% from year-ago levels. Considering how far ahead of year-ago recent slaughter tallies have been, it’s not all that surprising to see the year-over-year surge in stocks.
Frozen poultry stocks totaled more than 1.379 billion lbs. at the end of June, a 3.5% gain from the end of May but a 5.1% decline versus the year prior.