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

  • September 23, 2020
  • by Belinda Przybylski
Executive Summary U.S. cold storage figures provided by the USDA were recently updated with values spanning through Aug ’20. Highlights from the updated report include:
  • U.S. pork stocks remained at a nine year seasonal low level during Aug ’20, finishing 22.9% below previous year volumes.
  • U.S. beef stocks declined to a six year seasonal low level during Aug ’20, finishing 2.1% lower on a YOY basis.
  • U.S. chicken stocks declined on a YOY basis for the first time in the past 11 months during Aug ‘20, finishing down 0.7%.
Additional Report Details Pork – Stocks Remain at a Nine Year Seasonal Low Level, Finish Down 22.9% on a YOY Basis According to the USDA, Aug ’20 U.S. frozen pork stocks increased slightly from recent eight and a half year low levels but remained 22.9% below previous year volumes. Pork stocks reached a nine year seasonal low level for the month of August. The YOY decline in pork stocks was the fifth experienced in a row. Frozen pork stocks had finished higher on a YOY basis over 11 consecutive months prior to the five most recent YOY declines. The MOM increase in pork stocks of 7.0 million pounds, or 1.5%, was slightly smaller than the ten year average July – August seasonal increase in stocks of 11.4 million pounds, or 2.0%. Beef – Stocks Decline to a Six Year Low Seasonal Level, Finish Down 2.1% on a YOY Basis U.S. frozen beef stocks rebounded seasonally to a four month high level throughout Aug ’20 but remained lower on a YOY basis for the second consecutive month, finishing down 2.1%. Beef stocks reached a six year seasonal low level for the month of August. The MOM increase in beef stocks of 20.0 million pounds, or 4.6%, was larger than the ten year average July – August seasonal increase in stocks of 2.4 million pounds, or 0.5%. Chicken – Stocks Decline on a YOY Basis for the First Time in 11 Months, Finish Down 0.7% U.S. frozen chicken stocks rebounded seasonally to a four month high level throughout Aug ’20 but finished 0.7% below previous year levels. The YOY decline in chicken stocks was the first experienced throughout the past 11 months. The MOM increase in chicken stocks of 6.1 million pounds, or 0.7%, was largely consistent with the ten year average July – August seasonal increase in stocks of 2.1 million pounds, or 0.3%. Overall, Aug ’20 combined U.S. pork, beef and chicken stocks finished 12.6% below the monthly record high level experienced throughout Jan ’20. Individually, Aug ’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. Aug ’20 combined U.S. pork, beef and chicken stocks declined to a six year low seasonal level, finishing 9.9% below the record high seasonal level experienced during August of 2018. Individually, Aug ’20 chicken stocks finished five percent below the record high seasonal storage level while beef and pork stocks finished nine percent and 29% below record high seasonal storage levels, respectively. Aug ’20 combined U.S. pork, beef and chicken stocks rebounded to a four month high level but remained 7.9% lower on a YOY basis. The Aug ’20 YOY decline in combined U.S. pork, beef and chicken stocks was the fourth experienced in a row and the largest experienced throughout the past five and a half years on a percentage basis.
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