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Beef, chicken in cold storage hit new monthly highs

U.S. beef in cold storage ended July 2018 at record high levels. The USDA says beef supplies were 485.007 million pounds, up 12% on the year, including a new high for boneless beef, as high production levels and tariff issues pushed more beef into refrigerated warehouses.

Pork was pegged at 548.053 million pounds, down 1% from a year ago, with a slightly higher than average month to month drawdown in stocks. Pork belly stocks at 38.542 million pounds were 28% lower than last month, but 219% larger than last year.

Other types of red meat, including veal, lamb, and mutton also notched new all-time monthly highs. Overall, red meat totaled 1.093 billion pounds, a 6% increase on the year.

Chicken stocks are also at record levels, up 10% from last year at 877.595 million pounds, because of high production levels. Drumsticks, along with paws and feet, also established new highs.

Turkey declined 1% to 589.061 million pounds, while total poultry climbed 5% to 1.471 billion.

The USDA’s livestock slaughter totals for July are out Thursday and monthly poultry slaughter numbers are due Friday.

Another record monthly high was total natural cheese, up 3% from the end of July 2017 at 1.414 billion pounds. That includes a 1% decline in American to 824.624 million pounds against a 19% jump in Swiss to 32.189 million and an all-time July top for other types of cheese, rising 9% to 557.445 million pounds. Butter stocks were 3% higher than a year ago at 318.047 million pounds.

The USDA’s dairy product production numbers for July are out in September.