Executive Summary U.S. livestock slaughter figures provided by USDA were recently updated with values spanning through Dec ’17. Highlights from the updated report include:

• Dec ’17 U.S. commercial red meat production increased 6.7% on a YOY basis when normalized for slaughter days, finishing at a record seasonal high level for the month of December. The YOY increase in total red meat production was the 35^th experienced in a row while the YOY increase in production was the largest experienced throughout the past 14 months on a percentage basis.
• Dec ’17 pork production increased 7.9% YOY when normalized for slaughter days, finishing at a new monthly record high. The YOY increase in pork production was the 19^th experienced throughout the past 20 months.
• Dec ’17 beef production increased 5.4% YOY when normalized for slaughter days, finishing at a record seasonal high for the month of December. U.S. beef production has increased on a YOY basis over 26 consecutive months through December.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 6.7% YOY According to USDA, U.S. commercial red meat production declined 1.2% MOM from the record high levels experienced throughout the previous month but remained 6.7% higher YOY when normalized for slaughter days. Overall, total red meat production finished at a record high seasonal level for the month of December while the YOY increase in production was the largest experienced throughout the past 14 months on a percentage basis. Total red meat production has increased on a YOY basis over 35 consecutive months through December while the MOM decline in total red meat production of 1.2% was significantly smaller than the ten year average November – December seasonal decline in production of 3.9%. ’15-’16 annual U.S. red meat production increased 3.3% YOY, finishing at an eight year high, while ’16-’17 annual red meat production increased an additional 4.2%, finishing at a record high level. Pork – Production Increases to a Monthly Record High, Finishes up 7.9% YOY Dec ’17 U.S. pork production increased 1.8% MOM and 7.9% YOY when normalized for slaughter days, finishing at a new monthly record high. U.S. pork production has increased on a YOY basis over 19 of the past 20 months through December. Dec ’17 total hogs slaughtered increased 6.6% YOY while average weights/head finished 1.1% higher. ’15-’16 annual U.S. pork production increased 2.2% YOY, finishing at a record annual high, while ’16-’17 annual pork production finished up an additional 2.9%. Beef – Production Remains at a Record High Seasonal Level, Finishes up 5.4% YOY Dec ’17 U.S. beef production declined 4.1% MOM from the nine and a half year high experienced throughout the previous month but remained 5.4% higher YOY when normalized for slaughter days, finishing higher for the 26^th consecutive month. Overall, beef production finished at a record seasonal high for the month of December. The Dec ’17 total number of cattle slaughtered increased 5.4% YOY, more than offsetting a 0.1% YOY decline in average weights/head. ’15-’16 annual U.S. beef production rebounded 4.4% from the 11 year low experienced during the previous year while ’16-’17 annual beef production increased an additional 5.6%, finishing at a six year high.