USDA’s Cold Storage Report showed frozen beef stocks declined more than average during March, signaling demand remains strong. Pork inventories built contra-seasonally last month.
Total beef stocks at 432.2 million lbs. declined 15.1 million lbs. from February, which was more than the five-year average drop of 12.4 million lbs. for the month. Frozen beef inventories fell 45.6 million lbs. (9.5%) from last year and were 58.0 million lbs. (11.8%) under the five-year average.
Pork stocks rose 6.5 million lbs. to 464.2 million lbs., whereas the five-year average was a 10.3-million-lb. decline during March. But pork inventories dropped 69.7 million lbs. (13.1%) from year-ago and 75.0 million lbs. (13.9%) from the five-year average.
Poultry stocks totaled 1.120 billion lbs., up 1.1 million lbs. from February but down 74.3 million lbs. from last year. Chicken breast meat stocks declined 11.7 million lbs. (5.0%) from last year’s record to 221.3 million pounds.