Executive Summary U.S. cattle & hog production figures provided by the USDA were recently updated with values spanning through Mar ’20. Highlights from the updated report include:

• U.S. commercial red meat production increased 10.3% on a YOY basis during Mar ’20, remaining at a record high seasonal level for the seventh consecutive month. The YOY increase in total red meat production was the 14^th experienced throughout the past 15 months and the largest experienced throughout the past 35 years on a percentage basis.
• U.S. pork production increased 9.4% on a YOY basis during Mar ’20, remaining at a record high seasonal level for the seventh consecutive month. The total number of hogs slaughtered increased 9.0% YOY throughout the month while average weights/head finished 0.3% higher.
• U.S. beef production increased 11.5% on a YOY basis during Mar ’20, reaching a record high seasonal high level for the fifth consecutive month. The total number of cattle slaughtered increased 8.0% YOY throughout the month while average weights/head finished 2.2% higher.

Additional Report Details Total Red Meat – Production Increases at a 35 Year High YOY Growth Rate, Finishes up 10.3% According to the USDA, Mar ’20 U.S. commercial red meat rebounded 5.2% from the previous month while finishing 10.3% higher on a YOY basis when normalizing for slaughter days, finishing at a record high seasonal level for the seventh consecutive month. The YOY increase in total red meat production was the 14^th experienced throughout the past 15 months and the largest experienced throughout the past 35 years on a percentage basis. The MOM increase in total red meat production of 5.2% was significantly larger than the ten year average February – March seasonal increase of 0.2%. ’18-’19 annual red meat production increased 2.2% on a YOY basis, finishing at a record high level, while ’19-’20 YTD red meat production has increased by an additional 5.4% throughout the first half of the production season. Total 12-month rolling average red meat production finished above trendline for the 31^st consecutive month throughout Mar ’20. The Mar ’20 deviation from trendline was the largest on record. Pork – Production Remains at a Record High Seasonal Level, Finishes up 9.4% YOY Mar ’20 U.S. pork production rebounded 4.3% from the previous month while finishing 9.4% higher on a YOY basis when normalizing for slaughter days, finishing at a record high seasonal level for the seventh consecutive month. The YOY increase in pork production was the 14^th experienced throughout the past 15 months and the largest experienced throughout the past nine months on a percentage basis. The Mar ’20 total number of hogs slaughtered increased 9.0% YOY throughout the month while average weights/head finished 0.3% higher. The MOM increase in pork production of 4.3% was a contraseasonal move when compared to the ten year average February – March seasonal decline of 0.3%. ’18-’19 annual pork production increased 3.9% on a YOY basis, finishing at a record high level, while ’19-’20 YTD pork production has increased by an additional 6.7% throughout the first half of the production season. Beef – Production Remains at a Record High Seasonal Level, Finishes up 11.5% YOY Mar ’20 U.S. beef production rebounded 6.1% from the previous month while finishing 11.5% higher on a YOY basis when normalizing for slaughter days, finishing at a record high seasonal level for the fifth consecutive month. The YOY increase in beef production was the sixth experienced in a row and the largest experienced throughout the past 35 years on a percentage basis. The Mar ’20 total number of cattle slaughtered increased 8.0% YOY throughout the month while average weights/head finished 2.2% higher. The MOM increase in beef production of 6.1% was significantly larger than the ten year average February – March seasonal increase of 0.7%. ’18-’19 annual beef production increased 0.6% on a YOY basis, finishing at a 16 year high level, while ’19-’20 YTD beef production has increased by an additional 4.2% throughout the first half of the production season.