USDA’s Cold Storage Report showed frozen beef stocks declined more than average during March. But pork stocks climbed contra-seasonally. The data implies beef demand is more than adequate amid tightening supplies, while pork demand isn’t keeping pace given the higher-than-expected production.
Beef stocks totaled 480.9 million lbs., down 19.3 million lbs. (3.9%) from February, which exceeded the five-year average decline of 7.0 million lbs. during the month. Beef stocks declined 54.9 million lbs. (10.3%) from the March 2022 record and 6.5 million lbs. (1.3%) from the five-year average.
Pork inventories at 533.9 million lbs. rose 12.7 million lbs. (2.4%) during March versus the five-year average decline of 12.9 million lbs. for the month. Pork stocks increased 47.9 million lbs. (9.9%) from year-ago but were still 20.7 million lbs. (3.7%) under the five-year average.
Total poultry stocks increased 6.9 million lbs. (0.6%) during March and 98.9 million lbs. (9.0%) from year-ago. Chicken breast meat inventories at 233.2 million lbs. were record-large for March. While down 11.9 million lbs. (4.9%) from February, chicken breast meat stocks jumped 65.9 million lbs. (39.4%) from March 2022.
Get daily market updates and insights with a subscription to Pro Farmer. View details.
