U.S. Livestock Cold Storage Update – Apr ’20
Executive Summary
U.S. cold storage figures provided by the USDA were recently updated with values spanning through Mar ’20. Highlights from the updated report include:
According to the USDA, Mar ’20 U.S. frozen pork stocks declined seasonally from the four and a half year high level experienced throughout the previous month but remained 2.2% higher on a YOY basis, reaching a five year high seasonal level. The YOY increase in pork stocks was the 11th experienced in a row but the smallest experienced throughout the past six months on a percentage basis. The MOM decline in pork stocks of 27.0 million pounds, or 4.2%, was greater than the ten year average February – March seasonal decline in stocks of 13.7 million pounds, or 2.2%.
Beef – Stocks Increase Contraseasonally to a Seven Year High Seasonal Level, Finish up 11.2% YOY
U.S. frozen beef stocks increased to a 14 month high level during Mar ’20, finishing 11.2% higher on a YOY basis and reaching a seven year seasonal high level. The YOY increase in beef stocks was the second experienced in a row. Frozen beef stocks had finished lower on a YOY basis over 11 consecutive months prior to the two most recent YOY increases. The MOM increase in beef stocks of 7.8 million pounds, or 1.6%, was a contraseasonal move when compared to the ten year average February – March seasonal decline in stocks of 15.6 million pounds, or 3.2%.
Chicken – Stocks Finish 6.1% Higher YOY, Remaining at a Record High Seasonal Level
Mar ’20 U.S. frozen chicken stocks declined seasonally to a six month low level but remained 6.1% higher on a YOY basis, finishing at a record high seasonal level. The YOY increase in chicken stocks was the sixth experienced in a row but the smallest experienced throughout the past four months on a percentage basis. The MOM decline in chicken stocks of 3.0 million pounds, or 0.3%, was significantly smaller than the ten year average February – March seasonal decline in stocks of 20.9 million pounds, or 3.0%.
Overall, Mar ’20 combined U.S. pork, beef and chicken stocks finished 1.2% below the monthly record high level experienced throughout the previous month. Individually, Mar ’20 chicken stocks finished 5.9% below the record high storage level experienced throughout the previous month while beef and pork stocks each finished within 12% of historical maximum storage levels.
Mar ’20 combined U.S. pork, beef and chicken stocks finished at a record high seasonal level for the sixth consecutive month. Individually, Mar ’20 chicken stocks finished at a record high seasonal level while beef and pork stocks finished two percent and eight percent below record high seasonal storage levels, respectively.
Mar ’20 combined U.S. pork, beef and chicken stocks finished 6.1% higher on a YOY basis. The Mar ’20 YOY increase in combined U.S. pork, beef and chicken stocks was the sixth experienced in a row.
- U.S. pork stocks finished higher on a YOY basis for the 11th consecutive month during Mar ’20, increasing by 2.2% and reaching a five year high seasonal level.
- U.S. beef stocks increased on a YOY basis for the second consecutive month during Mar ‘20, finishing up 11.2% and reaching a seven year high seasonal level.
- U.S. chicken stocks finished 6.1% higher on a YOY basis during Mar ’20, remaining at a record high seasonal level.
According to the USDA, Mar ’20 U.S. frozen pork stocks declined seasonally from the four and a half year high level experienced throughout the previous month but remained 2.2% higher on a YOY basis, reaching a five year high seasonal level. The YOY increase in pork stocks was the 11th experienced in a row but the smallest experienced throughout the past six months on a percentage basis. The MOM decline in pork stocks of 27.0 million pounds, or 4.2%, was greater than the ten year average February – March seasonal decline in stocks of 13.7 million pounds, or 2.2%.
Beef – Stocks Increase Contraseasonally to a Seven Year High Seasonal Level, Finish up 11.2% YOY
U.S. frozen beef stocks increased to a 14 month high level during Mar ’20, finishing 11.2% higher on a YOY basis and reaching a seven year seasonal high level. The YOY increase in beef stocks was the second experienced in a row. Frozen beef stocks had finished lower on a YOY basis over 11 consecutive months prior to the two most recent YOY increases. The MOM increase in beef stocks of 7.8 million pounds, or 1.6%, was a contraseasonal move when compared to the ten year average February – March seasonal decline in stocks of 15.6 million pounds, or 3.2%.
Chicken – Stocks Finish 6.1% Higher YOY, Remaining at a Record High Seasonal Level
Mar ’20 U.S. frozen chicken stocks declined seasonally to a six month low level but remained 6.1% higher on a YOY basis, finishing at a record high seasonal level. The YOY increase in chicken stocks was the sixth experienced in a row but the smallest experienced throughout the past four months on a percentage basis. The MOM decline in chicken stocks of 3.0 million pounds, or 0.3%, was significantly smaller than the ten year average February – March seasonal decline in stocks of 20.9 million pounds, or 3.0%.
Overall, Mar ’20 combined U.S. pork, beef and chicken stocks finished 1.2% below the monthly record high level experienced throughout the previous month. Individually, Mar ’20 chicken stocks finished 5.9% below the record high storage level experienced throughout the previous month while beef and pork stocks each finished within 12% of historical maximum storage levels.
Mar ’20 combined U.S. pork, beef and chicken stocks finished at a record high seasonal level for the sixth consecutive month. Individually, Mar ’20 chicken stocks finished at a record high seasonal level while beef and pork stocks finished two percent and eight percent below record high seasonal storage levels, respectively.
Mar ’20 combined U.S. pork, beef and chicken stocks finished 6.1% higher on a YOY basis. The Mar ’20 YOY increase in combined U.S. pork, beef and chicken stocks was the sixth experienced in a row.