USDA Cold Storage Supplies Down 14%
The supply of beef, pork and poultry in cold storage was 14% lower during August than last year, according to USDA’s monthly report.
Total red meat supplies in freezers were up 4 percent from the previous month but down 6 percent from last year. Total pounds of beef in freezers were up 4 percent from the previous month but down 8 percent from last year. Frozen pork supplies were up 4 percent from the previous month but down 1 percent from last year. Stocks of pork bellies were down 37 percent from last month and down 44 percent from last year.
High prices limited the ability of users to build inventory in August, according to the Livestock Marketing Information Project. Over the last five years August inventory has increased by 1.1% from July, but this year the supply in storage was about the same as the previous month.
The total supply of beef in cold storage at the end of August was estimated at 414.9 million pounds, 7.7% lower than in 2020 and 12.6% lower than the five-year average. Normally, LMIC says, beef inventories increased 3.5% from the previous month compared to an average of 4.5% increase the last five years.
The inventory of beef cuts in cold storage was 30.7 million pounds in August, 2.2% lower than the extremely light inventory last year and 17.9% under the five-year average.
The inventory of pork in cold storage was estimated at 460 million pounds, 1% lower than a year ago and 18.9% lower than the five-year average.
