USDA’s Cold Storage Report showed that beef stocks declined contra-seasonally during January, while pork stocks increased less than the 10-year average. That suggests demand remains strong in the face of increased red meat production.
Beef stocks at the end of January totaled 510.1 million lbs., down 14.4 million lbs. from December and 8.3 million lbs. from last year. The 10-year average shows a 12.2-million-lb. increase in beef stocks during the month.
Pork stocks totaled 562.7 million lbs., up 57.4 million lbs. from December but down 18.0 million lbs. from January 2018. The month-over-month increase in pork stocks was less than the 10-year average of 67.9 million lbs., despite slaughter that was up nearly 5%.
Poultry stocks totaled 1.234 billion lbs. at the end of January, up 47.125 million lbs. from December but down 20.868 million lbs. from last year. Chicken stocks declined from both the previous month and year-ago, while turkey stocks increased compared to both during January.