USDA's monthly look at meat stocks in frozen storage showed both beef and pork stocks below levels traders expected at the end of August. This should help keep the hog market well supported and gives cattle traders a reason to build off today's price gains.
Pork stocks as of Aug. 31 totaled 540.028 million lbs., which was roughly 13.3 million lbs. less than the average trade guess of 553.3 million pounds. Pork stocks declined 0.7% from July and came in 7.8% under year-ago.
Beef stocks at the end of last month totaled 433.842 million pounds. The average pre-report guess pegged beef stocks at 457.1 million pounds. Beef inventories declined 6.2% from July, but were 0.2% above year-ago.
Total poultry stocks at the end of August totaled 1.272 billion lbs., which was up 0.4% from July and 5.1% greater than year-ago.