April 27, 2023

US beef in cold storage fell 10% by end of March 2023

US beef in cold storage at the end of March 2023 was 480.896 million pounds, a 10% drop from the record monthly high reported at the end of March 2022, said the United States Department of Agriculture (USDA).

The drop was due to comparatively better demand than other proteins and a lower production pace due to tighter market ready supplies.

Pork supplies were reported at 533.916 million pounds, 10% above a year ago, with slower demand and a slightly faster pace of production.

The decline in beef had pulled red meat stocks 1% below last year to 1.042 billion pounds.

Higher production and slower demand were also reflected in poultry, with a total of 1.195 billion pounds up 2% on the year, including a 9% increase in chicken to 854.132 million pounds and a 10% jump for turkey to 338.327 million pounds. The chicken total included an all-time March high for breasts and breast meat, while the turkey total included the tightest March supply of hens on record.

The USDA's next set of annual meat production projections is out on May 12.

- Brownfield Ag News