According to the USDA's Cold Storage report, total meat supplies in freezers were down 4 percent from the previous month but up 14 percent from last year.

Frozen pork supplies were down 4 percent from the previous month but up 16 percent from last year. Stocks of pork bellies were down 13 percent from last month but up 14 percent from last year.

Total pounds of beef in freezers were down 4 percent from the previous month but up 11 percent from last year.