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

  • October 23, 2020
  • by Belinda Przybylski
Executive Summary U.S. cold storage figures provided by the USDA were recently updated with values spanning through Sep ’20. Highlights from the updated report include:
  • U.S. pork stocks declined to a ten year seasonal low level during Sep ’20, finishing 22.1% below previous year volumes.
  • U.S. beef stocks remained at a six year seasonal low level during Sep ’20, finishing 1.5% lower on a YOY basis.
  • U.S. chicken stocks declined to a three year seasonal low level during Sep ‘20, finishing down 2.7% YOY.
Additional Report Details Pork – Stocks Reach a Ten Year Seasonal Low Level, Finish Down 22.1% on a YOY Basis According to the USDA, Sep ’20 U.S. frozen pork stocks continued to increase slightly from recent eight and a half year low levels but remained 22.1% below previous year volumes. Pork stocks reached a ten year seasonal low level for the month of September. The YOY decline in pork stocks was the sixth experienced in a row. Frozen pork stocks had finished higher on a YOY basis over 11 consecutive months prior to the six most recent YOY declines. The MOM increase in pork stocks of 1.0 million pounds, or 0.2%, was significantly smaller than the ten year average August – September seasonal increase in stocks of 23.4 million pounds, or 4.6%. Beef – Stocks Remain at a Six Year Low Seasonal Level, Finish Down 1.5% on a YOY Basis U.S. frozen beef stocks rebounded seasonally to a five month high level throughout Sep ’20 but remained lower on a YOY basis for the third consecutive month, finishing down 1.5%. Beef stocks reached a six year seasonal low level for the month of September. The MOM increase in beef stocks of 12.6 million pounds, or 2.8%, was largely consistent with the ten year average August – September seasonal increase in stocks of 14.2 million pounds, or 3.3%. Chicken – Stocks Decline to a Three Year Seasonal Low Level, Finish Down 2.7% on a YOY Basis U.S. frozen chicken stocks rebounded seasonally to a five month high level throughout Sep ’20 but finished 2.7% below previous year levels. Chicken stocks reached a three year seasonal low level for the month of September. Chicken stocks had finished higher on a YOY basis over ten consecutive months prior to finishing lower over each of the past two months. The MOM increase in chicken stocks of 5.0 million pounds, or 0.6%, was largely consistent with the ten year average August – September seasonal increase in stocks of 4.8 million pounds, or 0.4%. Overall, Sep ’20 combined U.S. pork, beef and chicken stocks finished 12.2% below the monthly record high level experienced throughout Jan ’20. Individually, Sep ’20 chicken stocks finished ten percent below the record high storage level experienced throughout Nov ’19 while beef and pork stocks finished 19% and 34% below historical maximum storage levels, respectively. Sep ’20 combined U.S. pork, beef and chicken stocks declined to a six year low seasonal level, finishing 11.5% below the record high seasonal level experienced during September of 2018. Individually, Sep ’20 chicken stocks finished eight percent below the record high seasonal storage level while beef and pork stocks finished 11% and 29% below record high seasonal storage levels, respectively. Sep ’20 combined U.S. pork, beef and chicken stocks rebounded to a five month high level but remained 8.3% lower on a YOY basis. The Sep ’20 YOY decline in combined U.S. pork, beef and chicken stocks was the fifth experienced in a row and the second largest experienced throughout the past five and a half years on a percentage basis, trailing only the previous month’s decline.  
U.S. Cattle & Hogs Production Update – Oct ’20
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