U.S. Cattle & Hogs Production Update – Jul ’15
According to USDA, U.S. commercial red meat production totaled 4.02 billion pounds in Jun ’15, up 9.1% MOM on a daily average basis from the 3.81 billion pounds produced in May ’15 and up 5.1% YOY from the 3.83 billion pounds produced in Jun ’14. YOY production was driven higher by a significant increase in pork production, while beef production remained below the previous year. Despite the YOY gain, ’14-’15 YTD annual U.S. red meat production remains down 0.8% YOY through the first three quarters of the production season. ’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 Reaches New June Record High Jun ’15 U.S. pork production of 2.00 billion pounds increased sharply, finishing 15.1% higher YOY and 10.8% higher MOM on a daily average basis. Production reached a record high for the month of June, finishing 8.0% higher than the previous June record set in 2009. Pork production has remained higher on a YOY basis for seven consecutive months, with total production up 6.3% in total over the period. Jun ’15 total hogs slaughtered increased 16.4% YOY, however average weights/head declined 1.1% YOY. ’14-’15 YTD U.S. pork production is up 3.8% YOY through the first three quarters of the production season. Beef – YOY Production Declines for 18th Consecutive Month Jun ’15 U.S. beef production of 2.00 billion pounds increased 7.4% MOM on a daily average basis but remained lower YOY, finishing down 3.3%. Despite the MOM increase, beef production for the month of June remains at a 24 year low. Jun ’15 average weights/head increased 1.9% YOY, however total cattle slaughtered declined by 5.4% YOY. Monthly beef production has declined YOY for 18 consecutive months, finishing 5.2% lower on average over the period.’14-’15 YTD U.S. beef production is down 5.0% YOY through the first three quarters of the production season.