According to the USDA's June "Cold Storage" report, total red meat supplies in freezers were down 6 percent from the previous month but up 1 percent from last year.

Frozen pork supplies were down 6 percent from the previous month but up 4 percent from last year. Stocks of pork bellies were down 3 percent from last month and down 17 percent from last year.

Total pounds of beef in freezers were down 6 percent from the previous month and down 4 percent from last year.