U.S. Cattle & Hogs Production Update – Jan ’15
According to USDA, U.S. commercial red meat production totaled 4.14 billion pounds in Dec ’14, up 6.5% MOM on a daily average basis from the 3.76 billion pounds produced in Nov ’14 and up slightly YOY from the 4.14 billion pounds produced in Dec ’13. The YOY increase in red meat production was only the second experienced in the last 12 months. ’13-’14 annual U.S. red meat production finished down 2.8% YOY, which was the largest YOY annual percentage decline in ten years. Pork – Production Strengthens on MOM and YOY Bases Dec ’14 U.S. pork production of 2.11 billion pounds increased 2.4% YOY and 8.2% MOM on a daily average basis. Dec ’14 pork production was 224 million pounds higher than the previous month, setting a record high increase in production over the period. Pork production typically decreases from November – December, declining by an average of 14 million pounds over the past five years. Despite the YOY increase in production, ’14-’15 YTD U.S. pork production remains down 2.3% YOY through the first quarter of the production season. Beef – YOY Production Declines for 12th Consecutive Month Dec ’14 U.S. beef production of 2.00 billion pounds increased 4.6% MOM on a daily average basis but declined 2.3% YOY to an 11 year low for the month of December. The Dec ’14 YOY decline in production was the 12th in a row, with average monthly production down 5.6% over the period. Dec ’14 beef production was 150 million pounds higher than the previous month which was the highest increase in production over the period in 11 years. Beef production typically decreases from November – December, declining by an average of 13 million pounds over the past five years. ’14-’15 YTD U.S. beef production is down 6.3% YOY through the first quarter of the production season.