China’s July pork shipments from the U.S. plummeted 62.2% from year-ago.
Frozen pork stocks stood at 461.14 million lbs. at the end of May, which was a 4.22-million-lb. (0.9%) build from April versus the usual 34-million-lb.-retreat for the month.
The market is breathing a collective sigh of relief that the outage was short-lived.
JBS is the world’s largest meatpacker and it controls around 25% of all U.S. beef capacity and roughly 20% of its hog slaughter capacity.