The USDA Cold Storage report released last week showed the fifth straight month of stable total meat and poultry stocks. At about 2.3 billion pounds, stocks on July 31 were nearly 9 percent larger than last year, but just 0.5 percent larger than the June report.

The frozen pork supply was down 5 percent from the previous month but up 8 percent from last year. Stocks of pork bellies were down 20 percent from last month but up 87 percent from last year.

Boneless beef inventories were 12 percent lower than last year but 2 percent higher than last month. Total stocks of chicken were down 3 percent from the previous month but up 12 percent from last year.

"The largest decline in chicken stocks was for breast meat and legs, indicating good movement," according to analysts Steve Meyer and Len Steiner, CME Group's Daily Livestock Report. For the full report, click here.