CME: US Meat Inventories Unchanged26 November 2013
US - USDA released its monthly "Cold Storage" report on Friday and that report shows that 31 October meat and poultry inventories were virtually unchanged from one year ago, write Steve Meyer and Len Steiner.
The numbers were about as expected by the trade and the October stocks drawdown was quite normal. The report data for meat and poultry items appear on Page 2 (see link below).
A few highlights are:
- Pork inventories 566.7 million pounds were 6.1 per cent lower than one year ago. They are still 8.2 per cent higher than the 5-year average for October 31, however. We had expected a pretty large drawdown of stocks due to lower-than-expected slaughter runs. Weights probably filled some of that shortfall but the drawdown was smaller than we had expected.
- Chicken stocks are still large (+8.2 per cent yr/yr) and grew by 6.3 per cent in October. Higher output could exacerbate this stocks situation.
You can view the full report by clicking here.
TheMeatSite News Desk