U.S. Cattle & Hogs Production Update – Feb ’15
According to USDA, U.S. commercial red meat production totaled 4.09 billion pounds in Jan ’15, down 3.8% YOY from the 4.25 billion pounds produced in Jan ’14 and down 1.2% MOM on a daily average basis from the 4.14 billion pounds produced in Dec ’14. The monthly YOY decline in red meat production was the 11th experienced in the last 13 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 Declines 0.5% MOM, Remains up 0.9% YOY Jan ’15 U.S. pork production of 2.10 billion pounds declined 0.5% MOM on a daily average basis but remained 0.9% higher than last year. The MOM decline in pork production followed a record high November – December increase in production experienced in Dec ’14. The YOY increase of 0.9% was driven by a 1.1% in average weight/head, while total hogs slaughtered declined by 0.3%. Despite the YOY increase in production, ’14-’15 YTD U.S. pork production remains down 1.5% YOY through the first four months of the production season. Beef – YOY Production Declines for 13th Consecutive Month Jan ’15 U.S. beef production of 1.96 billion pounds declined 1.8% MOM on a daily average basis and 8.3% YOY to a ten year low for the month of January. The Jan ’15 YOY decline in production was the 13th in a row, with average monthly production down 5.8% over the period. The MOM decline in beef production followed an 11 year high November – December increase in production experienced in Dec ’14. The YOY decline of 8.3% was driven by a 9.8% decrease in total cattle slaughtered. Average weight/head increased YOY for the 36th consecutive month, finishing 1.8% higher than last year. ’14-’15 YTD U.S. beef production is down 6.8% YOY through the first four months of the production season.