As of the end of October 2023, there has been a notable decrease in red meat stocks in cold storage compared to the same period last year, according to the latest data from the USDA. This decline is attributed to robust demand and a slowdown in production, particularly for beef.
The total quantity of red meat in cold storage stood at 907.355 million pounds, marking a 14% decrease from October 2022. Breaking down these figures, beef stocks experienced a 13% reduction to 444.331 million pounds, while pork stocks were also down by 14%, totalling 435.936 million pounds. Notably, supplies of bone-in ham and veal for October reached their lowest recorded levels.
In contrast, poultry stocks in cold storage have seen a slight increase, reported at 1.18 billion pounds, marginally higher than the previous year. This rise is primarily due to a 13% increase in turkey stocks, amounting to 319.699 million pounds.
However, this was partially offset by a 4% decrease in chicken stocks, which fell to 857.529 million pounds. Records for total toms and total whole turkeys hit their lowest monthly levels.
The USDA is scheduled to release its next set of annual red meat and poultry supply and demand estimates on December 8th.
