U.S. Livestock Cold Storage Update – Apr ’16
Executive Summary
U.S. cold storage figures provided by USDA were recently updated with values spanning through Mar ’16. Highlights from the updated report include:
• U.S. pork and beef stocks each declined YOY for the second consecutive month during Mar ’16 but remained within ten percent of historical maximum storage levels for the month of March.
• U.S. chicken stocks remained higher on a YOY basis for the 16th consecutive month during Mar ’16, finishing up 4.6% to a ten year high for the month of March.
• Mar ’16 combined U.S. pork, beef and chicken remained 5.1% below the monthly record high experienced in Jan ’16 and 2.0% below the record high seasonal level experienced during the previous year.
Additional Report Details
Pork – Stocks Decline on a YOY Basis for the Second Consecutive Month, Finish Down 8.7%
According to USDA, Mar ’16 U.S. frozen pork stocks of 614.1 million pounds declined 2.4% MOM and 8.7% YOY from the record high March stocks level experienced during the previous year. Pork stocks had increased YOY for 12 consecutive months prior to the two most recent YOY declines. The MOM increase of 14.8 million pounds, or 2.4%, was larger than the ten year average February – March seasonal decline in stocks of 9.0 million pounds, or 1.4%. Mar ’16 pork stocks finished 2.8% below three year average figures for the month of March.
Beef – Stocks Decline to New Eight Month Low, Finish Down 3.0% YOY
Mar ’16 U.S. frozen beef stocks of 467.0 million pounds declined 5.0% MOM and 3.0% YOY, finishing at an eight month low. Beef stocks had increased YOY for 14 consecutive months prior to the two most recent YOY declines. The MOM decline in beef stocks of 24.4 million pounds, or 5.0%, was larger than the ten year average February – March decline in beef stocks of 13.0 million pounds, or 2.8%. Despite the YOY decline, Mar ’16 beef stocks remained 0.2% above the three year average March beef stocks.
Chicken – Stocks Finish at a Ten Year High for the Month of March, up 4.6% YOY
Mar ’16 U.S. frozen chicken stocks of 786.3 million pounds declined 1.8% MOM but remained 4.6% higher YOY, finishing at a ten year high for the month of March. Chicken stocks increased YOY for the 16th month in a row after nine consecutive months of YOY declines were experienced from Mar ’14 – Nov ’14. The MOM decrease in chicken stocks of 14.4 million pounds, or 1.8%, was smaller than the ten year average February – March seasonal decline in stocks of 23.5 million pounds, or 3.4%. Stocks have built as the Russian import ban continues to negatively affect U.S. broiler exports. U.S. broiler export volumes have declined by 9.9% YOY since the ban was announced. Mar ’16 chicken stocks finished at a seven month low on an absolute basis but remained 19.6% higher than the three year average March chicken stocks.
Overall, combined Mar ’16 U.S. pork, beef and chicken stocks remained 5.1% below the monthly record high experienced in Jan ’16. Individually, Mar ’16 U.S. pork, beef and chicken stocks each finished within 15% of historical maximum storage levels.
Mar ’16 combined U.S. pork, beef and chicken stocks finished 2.0% below the record high storage level for the month of March experienced during the previous year. Pork, beef and chicken stocks each finished within 10% of historical maximum storage levels for the month of March.
According to USDA, Mar ’16 U.S. frozen pork stocks of 614.1 million pounds declined 2.4% MOM and 8.7% YOY from the record high March stocks level experienced during the previous year. Pork stocks had increased YOY for 12 consecutive months prior to the two most recent YOY declines. The MOM increase of 14.8 million pounds, or 2.4%, was larger than the ten year average February – March seasonal decline in stocks of 9.0 million pounds, or 1.4%. Mar ’16 pork stocks finished 2.8% below three year average figures for the month of March.
Beef – Stocks Decline to New Eight Month Low, Finish Down 3.0% YOY
Mar ’16 U.S. frozen beef stocks of 467.0 million pounds declined 5.0% MOM and 3.0% YOY, finishing at an eight month low. Beef stocks had increased YOY for 14 consecutive months prior to the two most recent YOY declines. The MOM decline in beef stocks of 24.4 million pounds, or 5.0%, was larger than the ten year average February – March decline in beef stocks of 13.0 million pounds, or 2.8%. Despite the YOY decline, Mar ’16 beef stocks remained 0.2% above the three year average March beef stocks.
Chicken – Stocks Finish at a Ten Year High for the Month of March, up 4.6% YOY
Mar ’16 U.S. frozen chicken stocks of 786.3 million pounds declined 1.8% MOM but remained 4.6% higher YOY, finishing at a ten year high for the month of March. Chicken stocks increased YOY for the 16th month in a row after nine consecutive months of YOY declines were experienced from Mar ’14 – Nov ’14. The MOM decrease in chicken stocks of 14.4 million pounds, or 1.8%, was smaller than the ten year average February – March seasonal decline in stocks of 23.5 million pounds, or 3.4%. Stocks have built as the Russian import ban continues to negatively affect U.S. broiler exports. U.S. broiler export volumes have declined by 9.9% YOY since the ban was announced. Mar ’16 chicken stocks finished at a seven month low on an absolute basis but remained 19.6% higher than the three year average March chicken stocks.
Overall, combined Mar ’16 U.S. pork, beef and chicken stocks remained 5.1% below the monthly record high experienced in Jan ’16. Individually, Mar ’16 U.S. pork, beef and chicken stocks each finished within 15% of historical maximum storage levels.
Mar ’16 combined U.S. pork, beef and chicken stocks finished 2.0% below the record high storage level for the month of March experienced during the previous year. Pork, beef and chicken stocks each finished within 10% of historical maximum storage levels for the month of March.