Cold Storage Report: Beef stocks data supportive
USDA’s Cold Storage Report showed beef stocks dropped contra-seasonally during January, while pork inventories climbed slightly more than average. That implies beef demand was strong, especially since beef production rose 4.5% from December.
Beef stocks at the end of January totaled 532.7 million lbs., down 11.2 million lbs. (2.6%) from December. The five-year average was a 7.7-million-lb. increase in beef stocks during the month. Frozen beef inventories rose 7.0 million lbs. (1.3%) from year-ago and were 23.7 million lbs. above the five-year average.
Pork stocks totaled 517.7 million lbs., up 61.3 million lbs. (13.4%) versus December, whereas the five-year average was a 54.6-million-lb. increase during the month. Pork inventories increased 83.3 million lbs. (19.2%) from January 2022 but were 15.2 million lbs. (2.8%) under the five-year average.
Total poultry stocks increased 29.7 million lbs. (2.6%) from December and were 135.8 million lbs. (13.4%) above last year. Chicken breast inventories at 241.6 million lbs. were record-large for January.
