According to USDA, U.S. commercial red meat production totaled 3.76 billion pounds in Nov ’14, down 10.1% MOM on a daily average basis from the 4.32 billion pounds produced in Oct ’14 and down 8.7% YOY from the 4.12 billion pounds produced in Nov ’13. The YOY decline in red meat production continued the recent trend of lower production. Monthly production has finished lower on a YOY basis in 14 of the past 16 months and ’13-’14 YTD U.S. red meat production finished down 2.8% YOY, which was the largest YOY annual percentage decline in ten years. ’13-’14 YTD red meat production of 47.9 billion pounds fell to an eight year low. Pork – Production Remains Lower on YOY Basis Nov ’14 U.S. pork production of 1.89 billion pounds declined 8.1% MOM on a daily average basis and 7.3% YOY to a five year low for the month of November. Nov ’14 pork production was 236 million pounds lower than the previous month, substantially greater than the ten year average October – November reduction in pork production of 67 million pounds. ’14-’15 YTD U.S. pork production is down 4.6% YOY through the first two months of the production season. Beef – Production Declines YOY for 11th Consecutive Month Nov ’14 U.S. beef production of 1.85 billion pounds declined 11.9% MOM on a daily average basis and 10.1% YOY to an 11 year low for the month of November. Nov ’14 beef production was 321 million pounds lower than the previous month, substantially greater than the ten year average October – November reduction in beef production of 151 million pounds. The Nov ’14 YOY decline in production was the 11th in a row, with average monthly production down 5.9% over the time period. ’14-’15 YTD U.S. beef production is down 8.1% YOY through the first two months of the production season.