According to the USDA's "Cold Storage" report, total red meat supplies in freezers were down 3 percent from the previous month and down slightly from last year.

Frozen pork supplies were down 4 percent from the previous month and down 1 percent from last year. Stocks of pork bellies were down 33 percent from last month but up 1 percent from last year.

Total pounds of beef in freezers were down 4 percent from the previous month but up 1 percent from last year.