Cold Storage Report Encouraging for Pork, Disappointing for Beef

Posted on Mon, 03/23/2020 - 14:58

USDA in its Cold Storage Report estimated there were nearly 491.0 million lbs. of beef in frozen storage at the end of February. The tally was a 2.8-million-lb. (1%) increase from January, whereas the five-year average is for a 28.5-million-lb. decline in frozen beef stocks from January to February. Total beef stocks increased 17 million lbs. (4%) from last year.

Frozen pork stocks also climbed last month, rising 36.1 million lbs. (6%) to 661.7 million pounds. The increase from January to February was less than the 44-million-lb. average rise seen over the past five years. The smaller month-to-month increase was especially encouraging considering China and South Korea were in the thick of their coronavirus outbreaks during this period. Total pork stocks increased 46 million lbs. (7%) from February 2019.

Total poultry stocks in storage increased 6.3 million lbs. during February. But poultry stocks were down 56.6 million lbs. (4%) from February 2019. Total chicken stocks remain record-large.