According to the USDA's latest Cold Storage report, total red meat supplies in freezers were down 5 percent from the previous month and down 13 percent from last year.

Frozen pork supplies were down 7 percent from the previous month and down 5 percent from last year. Stocks of pork bellies were down 2 percent from last month but up 100 percent from last year.

Total pounds of beef in freezers were down 5 percent from the previous month and down 26 percent from last year.

Click here for the full report.