Red meat in cold storage swells
The USDA’s cold storage numbers for May reflect slower consumer demand for beef and pork.
Beef supplies at the end of May were a monthly record at 519.833 million pounds, a jump of 25% on the year, well above the 3% year over year increase in beef production.
Pork came out at 543.079 million pounds, 17% more than last year, following a 5% rise in production from May 2021 to May 2022.
Red meat stocks were 1.088 billion pounds, 20% larger than a year ago.
Chicken in cold storage was reported at 751.390 million pounds, 3% higher, while turkey supplies were 376.079 million pounds, 4% lower, including record monthly lows for turkey breasts, legs, and mechanically deboned meat.
Poultry stocks totaled 1.129 billion pounds, up 1% on the year.