Frozen pork supplies were down 28 percent from last year and down 5 percent from a month ago, according to Meatingplace.com. Pork belly stocks were down 64 percent from last year and down 38 percent from last month. Only ham and variety meats inventories grew in July.
Higher wholesale pork prices drove significant frozen inventory liquidation, putting pork inventories at their lowest level since 2004, according to Steve Meyer and Len Steiner in the CME Group’s Daily Livestock Report.
Total red meat supplies in freezers on July 31 were down 20 percent from last year and down 1 percent from last month, according to USDA’s Cold Storage report issued Friday, Aug. 20.
Total frozen poultry supplies for the period, were up slightly from the previous month but down 11 percent from a year ago. Total pounds of turkey in freezers were down 1 percent from last month and down 22 percent from July 31, 2009.
J.P.Morgan analyst Ken Goldman called the report, “positive for the entire protein sector.” Meyer and Steiner called the report, “somewhat bullish for just about all species.”
Source: Meatingplace.com, Daily Livestock Report