Cold Storage Report reflects reduced production, solid beef demand
USDA's Cold Storage Report showed beef stocks in frozen storage at the end of February totaled 500.2 million lbs., down 34.1 million lbs. (6.4%) from January, whereas the five-year average decline during the month was 14.7 million pounds. Beef inventories dropped 31.4 million lbs. (5.9%) from last year but were 5.8 million lbs. (1.2%) above the five-year average.
Pork stocks at the end of February totaled 521.2 million lbs., up 2.3 million lbs. (0.4%) from January, far less than the five-year average increase of 35.4 million lbs. during the month. Pork stocks rose 42.9 million lbs. (9.0%) versus February 2022 but were 46.4 million lbs. (8.2%) below the five-year average.
Total poultry stocks at 1.188 billion lbs. increased 29.3 million lbs. (2.5%) from January and 107.5 million lbs. (10.0%) from year-ago. Chicken breast meat stocks at 245.1 million lbs. jumped 40.7% from year-ago and were record-large for the end of February.
