U.S. Livestock Cold Storage Update – Apr ’18
Executive Summary
U.S. cold storage figures provided by USDA were recently updated with values spanning through Mar ’18. Highlights from the updated report include:
According to USDA, Mar ’18 U.S. frozen pork stocks increased on a YOY basis for the fourth consecutive month, finishing up 12.0%. Pork stocks had finished lower on a YOY basis over 22 consecutive months prior to the four most recent YOY increases. Mar ’18 pork stocks finished just 0.1% above three year average figures for the month of March, however. The February – March increase in pork stocks of 1.3 million pounds, or 0.2%, was a contraseasonal move when compared to the ten year average seasonal decline in stocks of 11.6 million pounds, or 1.8%.
Beef – Stocks Increase Contraseasonally, Finish Flat on a YOY Basis
Mar ’18 U.S. frozen beef stocks increased 1.0% MOM while finishing flat YOY. Beef stocks had finished lower on a YOY basis over 13 consecutive months prior to finishing equal to last year’s volumes during Mar ’18. The MOM increase in beef stocks of 4.6 million pounds, or 1.0%, was a contraseasonal move when compared to the ten year average February – March seasonal decline of 15.7 million pounds, or 3.3%. Despite the contraseasonal increase in volumes, Mar ’18 beef stocks finished 2.5% below three year average figures for the month of March.
Chicken – Stocks Remain Higher YOY, Finish up 13.9% to a Record Seasonal High
Mar ’18 U.S. frozen chicken stocks declined 3.2% MOM but remained 13.9% higher on a YOY basis, finishing at a record seasonal high for the month of March. Chicken stocks have finished higher on a YOY basis over eight consecutive months through March. The Mar ’18 MOM decline in chicken stocks of 28.5 million pounds, or 3.2%, was slightly larger than the ten year average February – March seasonal decline in stocks of 18.8 million pounds, or 2.8%. Mar ’18 chicken stocks finished 13.2% above three year average figures for the month of March, increasing vs. three year average figures for the 41st consecutive month.
Overall, Mar ’18 combined U.S. pork, beef and chicken stocks finished within 1.7% of the monthly record high experienced during Jan ’16. Individually, Mar ’18 chicken stocks finished within 10% of historical maximum storage levels while pork and beef stocks finished within 15% and 20% of historical maximum storage levels, respectively.
Mar ’18 combined U.S. pork, beef and chicken stocks reached a record seasonal high for the month of March. Pork and beef stocks each finished within 10% of historical seasonal highs while chicken stocks finished at a record seasonal high storage level.
- Mar ’18 U.S. pork stocks increased on a YOY basis for the fourth consecutive month, finishing up 12.0%, while chicken stocks increased 13.9% YOY to a record seasonal high for the month of March, finishing higher for the eighth consecutive month.
- Mar ’18 U.S. beef stocks increased contraseasonally while finishing flat on a YOY basis. Beef stocks had finished lower YOY over 13 consecutive months through Feb ’18.
- Overall, Mar ’18 combined U.S. pork, beef and chicken stocks reached a record seasonal high for the month of March and finished within 1.7% of the overall monthly record high experienced during Jan ’16.
According to USDA, Mar ’18 U.S. frozen pork stocks increased on a YOY basis for the fourth consecutive month, finishing up 12.0%. Pork stocks had finished lower on a YOY basis over 22 consecutive months prior to the four most recent YOY increases. Mar ’18 pork stocks finished just 0.1% above three year average figures for the month of March, however. The February – March increase in pork stocks of 1.3 million pounds, or 0.2%, was a contraseasonal move when compared to the ten year average seasonal decline in stocks of 11.6 million pounds, or 1.8%.
Beef – Stocks Increase Contraseasonally, Finish Flat on a YOY Basis
Mar ’18 U.S. frozen beef stocks increased 1.0% MOM while finishing flat YOY. Beef stocks had finished lower on a YOY basis over 13 consecutive months prior to finishing equal to last year’s volumes during Mar ’18. The MOM increase in beef stocks of 4.6 million pounds, or 1.0%, was a contraseasonal move when compared to the ten year average February – March seasonal decline of 15.7 million pounds, or 3.3%. Despite the contraseasonal increase in volumes, Mar ’18 beef stocks finished 2.5% below three year average figures for the month of March.
Chicken – Stocks Remain Higher YOY, Finish up 13.9% to a Record Seasonal High
Mar ’18 U.S. frozen chicken stocks declined 3.2% MOM but remained 13.9% higher on a YOY basis, finishing at a record seasonal high for the month of March. Chicken stocks have finished higher on a YOY basis over eight consecutive months through March. The Mar ’18 MOM decline in chicken stocks of 28.5 million pounds, or 3.2%, was slightly larger than the ten year average February – March seasonal decline in stocks of 18.8 million pounds, or 2.8%. Mar ’18 chicken stocks finished 13.2% above three year average figures for the month of March, increasing vs. three year average figures for the 41st consecutive month.
Overall, Mar ’18 combined U.S. pork, beef and chicken stocks finished within 1.7% of the monthly record high experienced during Jan ’16. Individually, Mar ’18 chicken stocks finished within 10% of historical maximum storage levels while pork and beef stocks finished within 15% and 20% of historical maximum storage levels, respectively.
Mar ’18 combined U.S. pork, beef and chicken stocks reached a record seasonal high for the month of March. Pork and beef stocks each finished within 10% of historical seasonal highs while chicken stocks finished at a record seasonal high storage level.