U.S. Cattle & Hogs Production Update – Nov ’14
According to USDA, U.S. commercial red meat production totaled 4.32 billion pounds in Oct ’14, up 5.6% MOM on a daily average basis from the 3.96 billion pounds produced in Sep ’14 but down 4.2% YOY from the 4.51 billion pounds produced in Oct ’13. The YOY decline in red meat production continued the recent trend of lower production. Monthly production has finished lower on a YOY basis for 13 of the past 15 months and ’13-’14 YTD U.S. red meat production finished down 2.8% YOY, which was the largest YOY annual percentage decline in ten years. ’13-’14 YTD red meat production of 47.9 billion pounds fell to an eight year low. Pork – Production Remains Lower on YOY Basis U.S. pork production continued to increase seasonally MOM in Oct ’14, up 9.9% on a daily average basis from Sep ’14 production, but production remained lower on a YOY basis. Oct ’14 total production of 2.13 billion pounds was down 2.0% YOY and 0.5% vs. the previous three year average October pork production. ’13-’14 YTD U.S. pork production finished down 0.7% YOY, which was the first annual decline in four years. Beef – Production Declines YOY for Tenth Straight Month Like U.S. pork production, U.S. beef production continued to increase seasonally MOM while YOY declines also continued. Oct ’14 U.S. beef production of 2.17 billion pounds increased 1.6% MOM on a daily average basis but declined 6.3% YOY and 5.3% vs. the previous three year average October beef production. The Oct ’14 YOY decline in production was the tenth in a row, with average monthly production down 5.5% over the time period. ’13-’14 YTD U.S. beef production finished down 4.7% YOY, which was the largest annual percentage decline in ten years.