Executive Summary U.S. livestock slaughter figures provided by USDA were recently updated with values spanning through Jan ’18. Highlights from the updated report include:

• Jan ’18 U.S. commercial red meat production increased 4.7% on a YOY basis when normalized for slaughter days, finishing at a record seasonal high level for the month of January. The YOY increase in total red meat production was the 36^th experienced in a row.
• Jan ’18 pork production increased 4.1% YOY when normalized for slaughter days, finishing at a record seasonal high level for the month of January. The YOY increase in pork production was the 20^th experienced throughout the past 21 months.
• Jan ’18 beef production increased 5.3% YOY when normalized for slaughter days, finishing at a 15 year seasonal high for the month of January. U.S. beef production has increased on a YOY basis over 27 consecutive months through January.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 4.7% YOY According to USDA, U.S. commercial red meat production declined 2.3% MOM to a five month low but remained 4.7% higher YOY when normalized for slaughter days, finishing at a record seasonal high for the month of January. Total red meat production has increased on a YOY basis over 36 consecutive months through January. The MOM decline in total red meat production of 2.3% was a contraseasonal move when compared to the ten year average December – January seasonal increase in production of 0.6%, however. ’16-’17 annual red meat production increased 4.2% YOY, finishing at a record high level, while ’17-’18 YTD production is up an additional 3.7% throughout the first third of the production season. Pork – Production Remains at a Record High Seasonal Level, Finishes up 4.1% YOY Jan ’18 U.S. pork production declined 3.9% MOM but remained 4.1% higher YOY when normalized for slaughter days, finishing at a record seasonal high for the month of January. U.S. pork production has increased on a YOY basis over 20 of the past 21 months through January. Jan ’18 total hogs slaughtered increased 3.6% YOY while average weights/head finished 0.7% higher. ’16-’17 annual pork production increased 2.9% YOY, finishing at a record high level, while ’17-’18 YTD production is up an additional 3.8% throughout the first third of the production season. Beef – Production Increases to a 15 Year Seasonal January High, Finishes up 5.3% YOY Jan ’18 U.S. beef production declined 0.6% MOM but remained 5.3% higher YOY when normalized for slaughter days, finishing higher for the 27^th consecutive month. Overall, beef production finished at a 15 year seasonal high for the month of January. The Jan ’18 total number of cattle slaughtered increased 4.8% YOY while average weights/head finished 0.4% higher. ’16-’17 annual beef production increased 5.6% YOY, finishing at a six year high, while ’17-’18 YTD production is up an additional 3.7% throughout the first third of the production season.