Demand drives drop in December pork stocks
The USDA says the amount of pork in cold storage at the end of 2020 was significantly smaller than at the end of 2019.
Pork in cold storage was reported at 408.361 million tons, down 30% on the year, led by big drops in all of the major primal cuts, reflecting the strong general demand despite record monthly and annual pork production. Record large December supplies were recorded for boneless loins, while record low December stocks were notched in bone-in hams.
Beef was pegged at 534.297 million pounds, up 11% because of slower demand, while the total amount of red meat in cold storage was 976.881 million pounds, down 11% because of that drop in pork.
Chicken stocks came out at 863.077 million pounds, 12% below a year ago, with declines in most of the major inventory categories even as December’s production ticked higher.
Turkey was reported at 223.637 million pounds, 4% less than last year, led by a huge decline in mechanically deboned meat, and the total for poultry was 1.09 billion pounds, down 10% on the year.
The USDA’s next set of supply and demand estimates is out February 9th.