News

Red meat stocks down, poultry and cheese up

 

U.S. red meat stocks tightened from October to November.

Beef in cold storage on November 30th, 2017 was reported at 486.954 million pounds, 8% below last year, lower than Allendale’s pre-report estimate and down on the month at a time when supplies usually build. Still, the beef figure is above the five year average for the end of November with good demand not quite enough to fully cancel out recent record production levels. Pork stocks were down 3% at 504.975 million pounds, lower than what Allendale was anticipating and less than usual for late November because of comparatively better demand and even with record high production levels. Boneless ham in cold storage notched a new monthly high. Total red meat stocks were 4% less than last year at 1.037 billion pounds.

Slow demand pushed total poultry and chicken supplies to new end of November highs, with the monthly total 15% higher at 1.190 billion pounds and chickens up 13% to 897.443 million pounds. Good seasonal demand for turkeys led to a 37% month to month decline, but the high pace of production throughout this year kept stocks 22% above year ago levels at 289.266 million pounds. New all-time highs were recorded for chicken breast and breast meat, along with turkey breast.

The USDA says high levels of production and export competition pushed natural cheese stocks to another all-time monthly high. At the end of November, stocks were up 6% on the year at 1.259 billion pounds, with American cheese up 3% at 733.175 million, Swiss cheese 2% higher at 25.246 million pounds, and other types of cheese jumping 13%, to a new monthly record of 500.257 million pounds.

Butter stocks were down 1% on the year at 158.823 million pounds, because of good domestic and export demand.