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

• Jun ’18 U.S. commercial red meat production increased 1.5% on a YOY basis when normalized for slaughter days, finishing at a record high seasonal level for the month of June. The YOY increase in total red meat production was the 41^st experienced in a row.
• Jun ’18 pork production declined 0.1% YOY when normalized for slaughter days, finishing slightly below the record seasonal high experienced during the previous year. The YOY decline in pork production was the first experienced throughout the past 17 months.
• Jun ’18 beef production increased 3.0% YOY when normalized for slaughter days, finishing at a seven year seasonal high for the month of June. The YOY increase in beef production was the 31^st experienced throughout the past 32 months.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 1.5% YOY According to USDA, U.S. commercial red meat production declined 1.8% MOM but remained up 1.5% YOY when normalized for slaughter days, finishing at a record seasonal high for the month of June. Total red meat production has increased on a YOY basis over 41 consecutive months through June, however the Jun ’18 YOY growth rate was the smallest experienced throughout the past seven months. ’16-’17 annual red meat production increased 4.3% YOY, finishing at a record high level, while ’17-’18 YTD production is up an additional 3.5% throughout the first three quarters of the production season. Pork – Production Declines YOY for the First Time in the Past 17 Months, Finishes Down 0.1% Jun ’18 U.S. pork production declined 5.7% MOM and 0.1% YOY when normalized for slaughter days, finishing slightly below the record seasonal high experienced during the previous year. The YOY decline in U.S. pork production was the first experienced throughout the past 17 months. The Jun ’18 total number of hogs slaughtered declined 0.6% YOY, more than offsetting a 0.4% YOY increase in average weights/head. ’16-’17 annual pork production increased 2.9% YOY, finishing at a record high level, while ’17-’18 YTD production remains up an additional 3.5% throughout the first three quarters of the production season, despite the most recent YOY decline. Beef – Production Increases to a Seven Year Seasonal High, Finishes up 3.0% YOY Jun ’18 U.S. beef production increased 1.8% MOM and 3.0% YOY when normalized for slaughter days, finishing at a seven year seasonal high for the month of June. U.S. beef production has increased on a YOY basis over 31 of the past 32 months through June. The Jun ’18 total number of cattle slaughtered increased 2.8% YOY while average weights/head finished flat on a YOY basis. ’16-’17 annual beef production increased 5.7% YOY, finishing at a six year high, while ’17-’18 YTD production is up an additional 3.6% throughout the first three quarters of the production season.