Bearish meat demand implications in Cold Storage Report
USDA's Cold Storage Report showed beef stocks at the end of April were a record for the month at 531.7 million pounds. While that was down 4.1 million lbs. (0.8%) from March, the five-year average was a 15.5-million-lb. decline during the month. Frozen beef inventories increased 82.9 million lbs. (18.5%) from year-ago and stood 74.1 million lbs. (16.2%) above the five-year average.
Pork stocks at 530.2 million lbs. rose 44.3 million lbs. (9.1%) from March, far greater than the five-year average of a 16.4-milllion-lb. increase during the month. Pork stocks rose 73.3 million lbs. (16.0%) from last year but were still 52.7 million lbs. (9.0%) under the five-year average.
Total poultry stocks at 1.104 billion lbs. increased 15.6 million lbs. (1.4%) versus both March and year-ago. Chicken breast meat inventories at 178.8 million lbs. rose 11.5 million lbs. (6.9%) from March but were still 20.4 million lbs. (10.2%) under year-ago levels.