Executive Summary U.S. livestock slaughter figures provided by USDA were recently updated with values spanning through Aug ‘19. Highlights from the updated report include:

• Aug ’19 U.S. commercial red meat production declined 0.4% on a YOY basis, finishing lower for the first time in the past eight months.
• Aug ’19 U.S. pork production declined 0.5% on a YOY basis as a 0.6% reduction in the number of hogs slaughtered more than offset a 0.4% increase in average weights/head. The YOY decline in pork production was the first experienced throughout the past eight months.
• Aug ’19 U.S. beef production declined 0.3% on a YOY basis as a 0.3% increase in the number of cattle slaughtered was more than offset by a 0.4% decline in average weights/head. The YOY decline in beef production was the first experienced throughout the past eight months.

Additional Report Details Total Red Meat – Production Declines YOY for the First Time in Eight Months, Finishes Down 0.4% According to USDA, Aug ’19 U.S. commercial red meat declined 0.7% MOM and 0.4% YOY when normalizing for slaughter days, finishing lower on a YOY basis for the first time in the past eight months. The MOM decline in total red meat production of 0.7% was a contraseasonal move when compared to the ten year average July – August seasonal build of 2.2%, contributing to total production declining on a YOY basis for just the third time in the past 55 months. Despite declining on a YOY basis, total red meat production remained at the second highest seasonal figure on record, finishing 2.9% above three year average seasonal figures. ’17-’18 annual red meat production increased 3.1% YOY, finishing at a record high level, while ’18-’19 YTD production volumes have increased an additional 2.1% heading into the final month of the production season, despite the most recent YOY decline. Pork – Production Declines YOY for the First Time in Eight Months, Finishes Down 0.5% Aug ’19 U.S. pork production increased 0.1% MOM but finished 0.5% lower on a YOY basis when normalizing for slaughter days, declining on a YOY basis for the first time in the past eight months. The Aug ’19 total number of hogs slaughtered declined 0.6% YOY throughout the month, more than offsetting a 0.4% YOY increase in average weights/head. The MOM increase in pork production of 0.1% was significantly smaller than the ten year average July – August seasonal build of 5.0%, contributing to total production declining on a YOY basis for just the fourth time in the past 31 months. Despite declining on a YOY basis, pork production remained at the second highest seasonal figure on record, finishing 3.5% above three year average seasonal figures. ’17-’18 annual pork production increased 3.1% YOY, finishing at a record high level, while ’18-’19 YTD production volumes have increased an additional 3.5% heading into the final month of the production season, despite the most recent YOY decline. Beef – Production Declines YOY for the First Time in Eight Months, Finishes Down 0.3% Aug ’19 U.S. beef production declined 1.5% MOM and 0.3% YOY when normalizing for slaughter days, finishing lower on a YOY basis for the first time in the past eight months. The Aug ’19 total number of cattle slaughtered increased 0.3% YOY throughout the month, however the increase in the number of cattle slaughtered was more than offset by a 0.4% YOY decline in average weights/head. The MOM decline in beef production of 1.5% was greater than the ten year average July – August seasonal decline of 0.1%, contributing to total production declining on a YOY basis for just the third time in the past 46 months. Despite declining on a YOY basis, pork production remained at the second highest seasonal level experienced throughout the past 12 years, finishing 2.4% above three year average seasonal figures. ’17-’18 annual beef production increased 3.2% YOY, finishing at a 15 year high level, while ’18-’19 YTD production volumes have increased an additional 0.7% heading into the final month of the production season, despite the most recent YOY decline.