This afternoon's USDA Cold Storage Report showed pork and beef stocks climbed from last month and are higher than year-ago levels.
At 659.532 million lbs., total pork stocks at the end of April were above the average trade guess of 617.9 million lbs., coming in 8% above the previous month and 20% above year-ago levels. Total beef stocks of 517.528 million lbs. were above the average guess of 513.3 million lbs., coming in 3% above last month and 17% above year-ago levels.
Link to report
Juli says: This is not the trend that bulls were hoping for. Typically at this time of year beef and pork stocks tighten as retailers gear up for summer grilling features. But this year, supplies are larger than bulls had hoped for.