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

Frozen pork supplies were up 5 percent from the previous month and up 2 percent from last year. Stocks of pork bellies were up 17 percent from last month but down 31 percent from last year.

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