Executive Summary

U.S. cattle & hog production figures provided by the USDA were recently updated with values spanning through Feb ’21. Highlights from the updated report include:

• Feb ’21 U.S. commercial red meat production increased 0.8% on a YOY basis, reaching a record high seasonal level.
• U.S. pork production increased 0.5% on a YOY basis throughout Feb ’21, reaching a record high seasonal level. A 0.5% YOY decline in the total number of hogs slaughtered was more than offset by a 1.0% YOY increase in average weights per head.
• U.S. beef production increased 1.1% on a YOY basis throughout Feb ’21, reaching a record high seasonal level. The number of cattle slaughtered increased 0.1% YOY while average weights per head increased 1.0% YOY.

Additional Report Details

Total Red Meat – Production Reaches a Record High Seasonal Level, up 0.8% YOY

According to the USDA, Feb ’21 U.S. commercial red meat production increased 0.8% on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. The YOY increase in total red meat production was the first experienced throughout the past three months.

’19-’20 annual red meat production finished 1.5% higher on a YOY basis, reaching a record high level for the fourth consecutive year. ’20-’21 YTD red meat production has increased by an additional 0.3% on a YOY basis throughout the first five months of the production season.

Total 12-month rolling average red meat production remained above trendline for the 42^nd consecutive month throughout Feb ’21, although the most recent deviation from trendline remained significantly below the record high level experienced throughout Mar ’20.

Pork – Production Reaches a Record High Seasonal Level, up 0.5% YOY

Feb ’21 U.S. pork production increased 0.5% on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. The Feb ’21 total number of hogs slaughtered declined 0.5% YOY throughout the month however average weights per head finished 1.0% higher YOY. The number of hogs slaughtered has declined on a YOY basis over six consecutive months through Feb ’21.

’19-’20 annual pork production finished 3.3% higher on a YOY basis, reaching a record high level for the sixth consecutive year. ’20-’21 YTD pork production has increased by an additional 0.2% on a YOY basis throughout the first five months of the production season.

Beef – Production Reaches a Record High Seasonal Level, up 1.1% YOY

Feb ’21 U.S. beef production increased 1.1% on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. The Feb ’21 total number of cattle slaughter increased 0.1% YOY throughout the month while average weights per head finished 1.0% higher YOY.

’19-’20 annual beef production declined 0.2% on a YOY basis from the 16 year high level experienced throughout the previous production season. ’20-’21 YTD beef production has rebounded by 0.5% on a YOY basis throughout the first five months of the production season.