U.S. Livestock Cold Storage Update – Mar ’20
Executive Summary
U.S. cold storage figures provided by the USDA were recently updated with values spanning through Feb ’20. Highlights from the updated report include:
According to the USDA, Feb ’20 U.S. frozen pork stocks increased seasonally to a four and a half year high level, finishing 7.5% higher on a YOY basis. Feb ’20 pork stocks finishing at the second highest seasonal level on record. The YOY increase in pork stocks was the tenth experienced in a row but the smallest experienced throughout the past four months on a percentage basis. The MOM increase in pork stocks of 36.1 million pounds, or 5.8%, was fairly consistent with the ten year average January – February seasonal build in stocks of 37.9 million pounds, or 6.7%.
Beef – Stocks Increase on a YOY Basis for the First Time in the Past 12 Months, Finish up 3.6%
U.S. frozen beef stocks increased to a 13 month high level during Feb ’20, finishing 3.6% higher on a YOY basis and reaching a three year seasonal high level. The YOY increase in beef stocks was the first experienced throughout the past 12 months. The MOM increase in beef stocks of 2.8 million pounds, or 0.6%, was a contraseasonal move when compared to the ten year average January – February seasonal decline in stocks of 12.3 million pounds, or 2.2%.
Chicken – Stocks Finish 6.5% Higher YOY, Remaining at a Record High Seasonal Level
Feb ’20 U.S. frozen chicken stocks declined seasonally to a five month low level but remained 6.5% higher on a YOY basis, finishing at a record high seasonal level. The YOY increase in chicken stocks was the fifth experienced in a row but the smallest experienced throughout the past three months on a percentage basis. The MOM decline in chicken stocks of 32.4 million pounds, or 3.4%, was significantly larger than the ten year average January – February seasonal decline in stocks of 5.9 million pounds, or 0.9%.
Overall, Feb ’20 combined U.S. pork, beef and chicken stocks reached a record high storage level, finishing 0.3% above the previous record high level experienced throughout the previous month. Individually, Feb ’20 chicken and pork stocks each finished six percent below the previous record high storage levels while beef stocks finished within 14% of the historical maximum storage level experienced during Dec ’16.
Feb ’20 combined U.S. pork, beef and chicken stocks finished at a record high seasonal level for the fifth consecutive month. Individually, Feb ’20 chicken stocks finished at a record high seasonal level while beef and pork stocks finished three percent and four percent below record high seasonal storage levels, respectively.
Feb ’20 combined U.S. pork, beef and chicken stocks finished 6.1% higher on a YOY basis. The Feb ’20 YOY increase in combined U.S. pork, beef and chicken stocks was the fifth experienced in a row but the smallest experienced throughout the past three months on a percentage basis.
- U.S. pork stocks finished higher on a YOY basis for the tenth consecutive month during Feb ’20, increasing by 7.5% and reaching a four and a half year high level.
- U.S. beef stocks increased on a YOY basis for the first time in the past 12 months during Feb ‘20, finishing up 3.6% and reaching a three year high seasonal level.
- U.S. chicken stocks finished 6.5% higher on a YOY basis during Feb ’20, remaining at a record high seasonal level.
According to the USDA, Feb ’20 U.S. frozen pork stocks increased seasonally to a four and a half year high level, finishing 7.5% higher on a YOY basis. Feb ’20 pork stocks finishing at the second highest seasonal level on record. The YOY increase in pork stocks was the tenth experienced in a row but the smallest experienced throughout the past four months on a percentage basis. The MOM increase in pork stocks of 36.1 million pounds, or 5.8%, was fairly consistent with the ten year average January – February seasonal build in stocks of 37.9 million pounds, or 6.7%.
Beef – Stocks Increase on a YOY Basis for the First Time in the Past 12 Months, Finish up 3.6%
U.S. frozen beef stocks increased to a 13 month high level during Feb ’20, finishing 3.6% higher on a YOY basis and reaching a three year seasonal high level. The YOY increase in beef stocks was the first experienced throughout the past 12 months. The MOM increase in beef stocks of 2.8 million pounds, or 0.6%, was a contraseasonal move when compared to the ten year average January – February seasonal decline in stocks of 12.3 million pounds, or 2.2%.
Chicken – Stocks Finish 6.5% Higher YOY, Remaining at a Record High Seasonal Level
Feb ’20 U.S. frozen chicken stocks declined seasonally to a five month low level but remained 6.5% higher on a YOY basis, finishing at a record high seasonal level. The YOY increase in chicken stocks was the fifth experienced in a row but the smallest experienced throughout the past three months on a percentage basis. The MOM decline in chicken stocks of 32.4 million pounds, or 3.4%, was significantly larger than the ten year average January – February seasonal decline in stocks of 5.9 million pounds, or 0.9%.
Overall, Feb ’20 combined U.S. pork, beef and chicken stocks reached a record high storage level, finishing 0.3% above the previous record high level experienced throughout the previous month. Individually, Feb ’20 chicken and pork stocks each finished six percent below the previous record high storage levels while beef stocks finished within 14% of the historical maximum storage level experienced during Dec ’16.
Feb ’20 combined U.S. pork, beef and chicken stocks finished at a record high seasonal level for the fifth consecutive month. Individually, Feb ’20 chicken stocks finished at a record high seasonal level while beef and pork stocks finished three percent and four percent below record high seasonal storage levels, respectively.
Feb ’20 combined U.S. pork, beef and chicken stocks finished 6.1% higher on a YOY basis. The Feb ’20 YOY increase in combined U.S. pork, beef and chicken stocks was the fifth experienced in a row but the smallest experienced throughout the past three months on a percentage basis.