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

• Jul ’19 U.S. commercial red meat production increased 3.8% YOY to a record high seasonal level for the month of July, finishing higher on a YOY basis for the 52^nd time in the past 54 months.
• Jul ’19 U.S. pork production increased 6.7% YOY to a record high seasonal level for the month of July, finishing higher on a YOY basis for the 27^th time in the past 30 months.
• Jul ’19 U.S. beef production increased 1.3% YOY to an 11 year seasonal high level for the month of July, finishing higher on a YOY basis for the 43^rd time in the past 45 months.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 3.8% YOY According to USDA, Jul ’19 U.S. commercial red meat declined 1.5% MOM but remained 3.8% higher YOY when normalizing for slaughter days, reaching a record seasonal high level for the month of July. The YOY increase in red meat production was the 52^nd experienced throughout the past 54 months while the MOM decline in red meat production of 1.5% was smaller than the ten year average June – July seasonal decline of 1.9%. ’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 2.3% throughout the first ten months of the production season. Pork – Production Reaches a Record Seasonal High Level, Finishes up 6.7% YOY Jul ’19 U.S. pork production declined 2.6% MOM but remained 6.7% higher YOY when normalizing for slaughter days, reaching a record high seasonal level for the month of July. The YOY increase in pork production was the 27^th experienced throughout the past 30 months however the MOM decline in pork production of 2.6% was larger than the ten year average June – July seasonal decline of 2.0%. The Jul ’19 total number of hogs slaughtered increased 5.7% YOY throughout the month while average weights/head increased 1.1% on a YOY basis. ’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 3.9% throughout the first ten months of the production season. Beef – Production Reaches an 11 Year Seasonal High Level, Finishes up 1.3% YOY Jul ’19 U.S. beef production declined 0.5% MOM but remained 1.3% higher YOY when normalizing for slaughter days, reaching an 11 year seasonal high level for the month of July. The YOY increase in beef production was the 43^rd experienced throughout the past 45 months while the MOM decline in beef production of 0.5% was smaller than the ten year average June – July seasonal decline of 1.8%. The Jul ’19 total number of cattle slaughtered increased 1.8% YOY throughout the month, more than offsetting a 0.3% YOY decline in average weights/head. ’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 0.8% throughout the first ten months of the production season.