Executive Summary U.S. cattle & hog production figures provided by the USDA were recently updated with values spanning through Feb ’20. Highlights from the updated report include:

• U.S. commercial red meat production increased 4.3% on a YOY basis during Feb ’20, remaining at a record high seasonal level for the sixth consecutive month. The YOY increase in total red meat production was the 13^th experienced throughout the past 14 months.
• U.S. pork production increased 4.0% on a YOY basis during Feb ’20, also remaining at a record high seasonal level for the sixth consecutive month. The total number of hogs slaughtered increased 3.8% YOY throughout the month while average weights/head finished 0.3% higher.
• U.S. beef production increased 4.8% on a YOY basis during Feb ’20, reaching a record high seasonal high level for the fourth consecutive month. The total number of cattle slaughtered increased 2.7% YOY throughout the month while average weights/head finished 1.8% higher.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 4.3% YOY According to the USDA, Feb ’20 U.S. commercial red meat declined 4.2% on a month-over-month basis, reaching a six month low level, but remained 4.3% higher YOY when normalizing for slaughter days, finishing at a record high seasonal level for the sixth consecutive month. The YOY increase in total red meat production was the 13^th experienced throughout the past 14 months but the smallest experienced throughout the past three months on a percentage basis. The MOM decline in total red meat production of 4.2% was fairly consistent with the ten year average January – February seasonal decline of 3.8%. ’18-’19 annual red meat production increased 2.2% YOY, finishing at a record high level, while ’19-’20 YTD red meat production has increased by an additional 4.5% throughout the first five months of the production season. Total 12-month rolling average red meat production finished above trendline for the 30^th consecutive month throughout Feb ’20. The Feb ’20 deviation from trendline was the largest on record. Pork – Production Remains at a Record High Seasonal Level, Finishes up 4.0% YOY Feb ’20 U.S. pork production declined 3.7% month-over-month but remained 4.0% higher YOY when normalizing for slaughter days, finishing at a record high seasonal level for the sixth consecutive month. The YOY increase in pork production was the 13^th experienced throughout the past 14 months. The Feb ’20 total number of hogs slaughtered increased 3.8% YOY throughout the month while average weights/head finished 0.3% higher YOY. The MOM decline in pork production of 3.7% was larger than the ten year average January – February seasonal decline of 2.7%. ’18-’19 annual pork production increased 3.9% YOY, finishing at a record high level, while ’19-’20 YTD pork production has increased an additional 6.2% throughout the first five months of the production season. Beef – Production Remains at a Record High Seasonal Level, Finishes up 4.8% YOY Feb ’20 U.S. beef production declined 4.8% month-over-month but remained 4.8% higher YOY when normalizing for slaughter days, finishing at a record high seasonal level for the fourth consecutive month. The Feb ’20 total number of cattle slaughtered increased 2.7% YOY throughout the month while average weights/head finished 1.8% higher YOY. The MOM decline in beef production of 4.8% was consistent with the ten year average January – February seasonal decline of 4.9%. ’18-’19 annual beef production increased 0.6% YOY, finishing at a 16 year high level, while ’19-’20 YTD beef production has increased an additional 2.9% throughout the first five months of the production season.