USDA’s Cold Storage Report showed beef stocks rose more than average during December, while pork stocks increased versus the normal small drawdown in inventories during the month. Given beef production dropped 6% from year-ago last month and pork production was down 7%, the inventory data suggests meat demand didn’t keep pace with supplies during December.
Beef stocks at the end of December totaled 544.0 million lbs., up 20.7million lbs. (4.0%) from November versus the five-year average increase of 4.7 million lbs. during the month. Beef stocks increased 36.8 million lbs. (7.3%) from December 2021 and were 42.6 million lbs. (8.5%) above the five-year average.
Pork stocks stood at 458.1 million lbs., up 6.6 million lbs. (1.5%) from November whereas they declined an average of 3.2 million lbs. over the previous five years. Pork inventories increased 61.7 million lbs. (15.6%) from December 2021 but were still 19.5 million lbs. (4.1%) below the five-year average.
Poultry stocks rose 70.3 million lbs. (6.7%) during December to 1.123 billion pounds. Poultry inventories were 212.1 million lbs. (23.3%) above year-ago levels.