The USDA's latest Cold Storage report showed that total red meat supplies in freezers were up 3 percent from the previous month and up 4 percent from last year.

Frozen pork supplies were up 2 percent from the previous month and up 6 percent from last year. Stocks of pork bellies were up 20 percent from last month but down 22 percent from last year.

Total pounds of beef in freezers were up 5 percent from the previous month and up 2 per cent from last year.