Executive Summary U.S. livestock slaughter figures provided by USDA were recently updated with values spanning through May ’18. Highlights from the updated report include:

• May ’18 U.S. commercial red meat production increased 5.2% on a YOY basis when normalized for slaughter days, finishing at a record high seasonal level for the month of May. The YOY increase in total red meat production was the 40^th experienced in a row.
• May ’18 pork production increased 3.7% YOY when normalized for slaughter days, finishing at a record seasonal high level for the month of May. The YOY increase in pork production was the 24^th experienced throughout the past 25 months.
• May ’18 beef production increased 6.6% YOY when normalized for slaughter days, finishing at a nine year seasonal high for the month of May. The YOY increase in beef production was the 30^th experienced throughout the past 31 months.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 5.2% YOY According to USDA, U.S. commercial red meat production increased 0.9% MOM and 5.2% YOY when normalized for slaughter days, finishing at a record seasonal high for the month of May. Total red meat production has increased on a YOY basis over 40 consecutive months through May. ’16-’17 annual red meat production increased 4.2% YOY, finishing at a record high level, while ’17-’18 YTD production is up an additional 3.8% throughout the first two thirds of the production season. Pork – Production Remains at a Record High Seasonal Level, Finishes up 3.7% YOY May ’18 U.S. pork production declined 2.7% MOM but remained 3.7% higher YOY when normalized for slaughter days, finishing at a record seasonal high for the month of May. U.S. pork production has increased on a YOY basis over 24 of the past 25 months through May. The May ’18 total number of hogs slaughtered increased 2.7% YOY while average weights/head finished 1.1% higher. ’16-’17 annual pork production increased 2.9% YOY, finishing at a record high level, while ’17-’18 YTD production is up an additional 3.9% throughout the first two thirds of the production season. Beef – Production Increases to a Nine Year Seasonal High, Finishes up 6.6% YOY May ’18 U.S. beef production increased 4.5% MOM and 6.6% YOY when normalized for slaughter days, finishing at a nine year seasonal high for the month of May. U.S. beef production has increased on a YOY basis over 30 of the past 31 months through May. The May ’18 total number of cattle slaughtered increased 5.6% YOY while average weights/head finished 0.6% higher. ’16-’17 annual beef production increased 5.7% YOY, finishing at a six year high, while ’17-’18 YTD production is up an additional 3.7% throughout the first two thirds of the production season.