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

• Sep ’20 U.S. commercial red meat production increased 1.3% on a YOY basis, reaching a record high seasonal level.
• U.S. pork production declined 0.1% on a YOY basis throughout Sep ’20, finishing lower for the first time in the past four months. The total number of hogs slaughter declined 0.9% YOY throughout the month, more than offsetting a 1.1% YOY increase in average weights per head.
• U.S. beef production increased 2.9% on a YOY basis throughout Sep ’20, reaching a record high seasonal level. The total number of cattle slaughter increased 0.5% YOY throughout the month while average weights per head increased 2.0% YOY.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 1.3% YOY According to the USDA, Sep ’20 U.S. commercial red meat increased seasonally to a six month high level while finishing 1.3% higher on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. Total red meat production had reached a 14 year low level throughout the month of April prior to rebounding throughout the past several months of data. The MOM increase in total red meat production of 2.5% was smaller than the ten year average August – September seasonal increase of 5.5%, however. ’18-’19 annual red meat production increased 2.2% on a YOY basis, finishing at a record high level, while ’19-’20 annual red meat production increased by an additional 1.5%. Total 12-month rolling average red meat production remained above trendline for the 37^th consecutive month throughout Sep ’20, although the most recent deviation from trendline remained significantly below the record high level experienced throughout Mar ’20. Pork – Production Declines on a YOY Basis for the First Time in Four Months, Finishes Down 0.1% Sep ’20 U.S. pork production increased seasonally to a six month high level but finished 0.1% lower on a YOY basis when normalizing for slaughter days. The YOY decline in pork production was the first experienced throughout the past four months. Despite declining on a YOY basis, Sep ’20 pork production remained at the second highest seasonal level on record, finishing 4.5% above three year average seasonal levels. The Sep ’20 total number of hogs slaughter declined 0.9% YOY throughout the month, more than offsetting a 1.1% YOY increase in average weights per head. The MOM increase in pork production of 1.9% was significantly smaller than the ten year average August – September seasonal increase of 8.1%. ’18-’19 annual pork production increased 3.9% on a YOY basis, finishing at a record high level, while ’19-’20 annual pork production increased by an additional 3.3%, despite the most recent decline. Beef – Production Reaches a Record High Seasonal Level, Finishes up 2.9% YOY Sep ’20 U.S. beef production increased to a 17 year high level, finishing 2.9% higher on a YOY basis and reaching a record high seasonal level. The YOY increase in beef production was the third experienced in a row. The Sep ’20 total number of cattle slaughter increased 0.5% YOY throughout the month while average weights per head finished 2.0% higher YOY. The MOM increase in beef production of 3.0% was largely consistent with the ten year average August – September seasonal increase of 3.4%. ’18-’19 annual beef production increased 0.6% on a YOY basis, finishing at a 16 year high level, however ’19-’20 annual beef production declined 0.2% YOY, despite the most recent increase.