Beef, pork stocks imply strong demand

USDA’s Cold Storage Report showed both beef and pork stocks climbed seasonally during August, though less than average. The smaller-than-normal rise in frozen meat stocks came despite hefty monthly increases in beef and pork production, implying demand was strong and outpaced supplies.

Beef stocks totaled an August record of 515.8 million lbs., up 3.8 million lbs. (0.7%) from July, whereas they rose an average of 20.1 million lbs. over the previous five years. Beef inventories increased 100.8 million lbs. (24.3%) from year-ago and were 53.3 million lbs. (11.5%) above the five-year average.

Pork stocks totaled 532.0 million lbs., up 5.6 million lbs. (1.1%) versus July, though less than the five-year average increase of 12.3 million lbs. for the month. Pork inventories increased 77.8 million lbs. (17.1%) from August 2021 but were 4.6 million lbs. (0.8%) under the five-year average.

 Total poultry stocks at 1.265 billion lbs. 22.2 million lbs. (1.8%) from July and were 120.2 million lbs. (10.5%) greater than year-ago.