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U.S. Livestock Cold Storage Update – Jun ’20

  • June 23, 2020
  • by Belinda Przybylski
Executive Summary U.S. cold storage figures provided by the USDA were recently updated with values spanning through May ’20. Highlights from the updated report include:
  • U.S. pork stocks declined to an eight and a half year low level during May ’20, finishing 25.8% below previous year volumes.
  • U.S. beef stocks declined to an 11 month low level but remained higher on a YOY basis for the fourth consecutive month during May ‘20, finishing up 2.5%.
  • U.S. chicken stocks declined to a ten month low level but remained higher on a YOY basis for the eighth consecutive month during May ‘20, finishing up 2.7%.
Additional Report Details Pork – Stocks Decline to an Eight and a Half Year Low Level, Finish Down 25.8% on a YOY Basis According to the USDA, U.S. frozen pork stocks declined to a ten year low seasonal level throughout May ’20, finishing 25.8% below previous year volumes. The YOY decline in pork stocks was the second experienced in a row and the largest experienced throughout the past nine and a half years on a percentage basis. Frozen pork stocks had finished higher on a YOY basis over 11 consecutive months prior to the two most recent YOY declines. The MOM decline in pork stocks of 144.3 million pounds, or 23.6%, was significantly larger than the ten year average April – May seasonal decline in stocks of 18.5 million pounds, or 3.0%, finishing as the largest seasonal decline on record. Pork stocks finished at an eight and a half year low level, overall. Beef – Stocks Decline to an 11 Month Low Level but Remain 2.5% Higher on a YOY Basis U.S. frozen beef stocks declined to an 11 month low level throughout May ’20 but remained 2.5% higher on a YOY basis. The YOY increase in beef stocks was the fourth experienced in a row but the smallest experienced throughout the four month period. Frozen beef stocks had finished lower on a YOY basis over 11 consecutive months prior to the four most recent YOY increases. The MOM decline in beef stocks of 64.2 million pounds, or 13.4%, was significantly larger than the ten year average April – May seasonal decline in stocks of 16.9 million pounds, or 3.7%, finishing as the largest seasonal decline experienced throughout the past 58 years. Chicken – Stocks Decline to a Ten Month Low Level but Remain 2.7% Higher on a YOY Basis U.S. frozen chicken stocks declined to a ten month low level throughout May ’20 but remained 2.7% higher on a YOY basis The YOY increase in chicken stocks was the eighth experienced in a row but the smallest experienced throughout the past seven months. The MOM decline in chicken stocks of 76.6 million pounds, or 8.2%, was significantly larger than the ten year average April – May seasonal decline in stocks of 8.2 million pounds, or 1.6%, finishing as the largest seasonal decline experienced throughout the past 32 years. Overall, May ’20 combined U.S. pork, beef and chicken stocks finished 16.0% below the monthly record high level experienced throughout Jan ’20. Individually, May ’20 chicken stocks finished 13% below the record high storage level experienced throughout Nov ’19 while beef and pork stocks finished 27% and 34% below historical maximum storage levels, respectively. May ’20 combined U.S. pork, beef and chicken stocks declined to a six year low seasonal level, finishing 11.4% below the record high seasonal level experienced during May of 2018. Individually, May ’20 chicken stocks remained within two percent of the record high seasonal storage level while beef and pork stocks finished 17% and 30% below record high seasonal storage levels, respectively. May ’20 combined U.S. pork, beef and chicken stocks finished 6.9% lower on a YOY basis. The May ’20 YOY decline in combined U.S. pork, beef and chicken stocks was the first experienced throughout the first eight months and the largest experienced throughout the past three years on a percentage basis.  
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