U.S. Cattle & Hogs Production Update – Aug ’15
According to USDA, U.S. commercial red meat production totaled 4.04 billion pounds in Jul ’15, down 2.7% MOM on a daily average basis from the 4.02 billion pounds produced in Jun ’15 but up 3.3% YOY from the 3.91 billion pounds produced in Jul ’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 0.4% YOY through the first ten months 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 July Record High Jul ’15 U.S. pork production of 1.97 billion pounds declined 4.4% MOM on a daily average basis but remained higher YOY, finishing 9.6% above the previous year. Production reached a record high for the month of July, finishing 6.5% higher than the previous July record set in 2008. Pork production has remained higher on a YOY basis for eight consecutive months, with total production up 6.7% in total over the period. Jul ’15 total hogs slaughtered increased 11.1% YOY, however average weights/head declined 1.1% YOY. ’14-’15 YTD U.S. pork production is up 4.3% YOY through the first ten months of the production season. Beef – YOY Production Declines for 19th Consecutive Month Jul ’15 U.S. beef production of 2.05 billion pounds declined 2.0% YOY and 1.1% MOM on a daily average basis to a 21 year low for the month of July. Jul ’15 average weights/head increased 2.0% YOY, however total cattle slaughtered declined by 4.2% YOY. Monthly beef production has declined YOY for 19 consecutive months, finishing 5.0% lower on average over the period.’14-’15 YTD U.S. beef production is down 4.7% YOY through the first ten months of the production season.