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Several new record highs in cold storage update

The USDA says there were record amounts of beef, poultry, and cheese in cold storage at the end of August.

Beef supplies were reported at 503.449 million pounds, an increase of 6% on the year and more than 60 million pounds above the five-year average. Boneless beef cuts also hit a new end of August record high. Higher than a year ago slaughter levels, trade tensions affecting exports, and the loss of some domestic market share to pork and poultry contributed to the new all-time high. Pork was up 1% at 582.592 million pounds, slightly below average, with the fast slaughter pace and the slowdown in sales to China partially canceled out by good demand from domestic consumers and other export markets. Boneless hams and ribs hit new end of August highs and while belly stocks climbed 82%, they were still well short of the record set in August 1971. Total red meat was 1.14 billion pounds, a 4% year to year increase, with a new record high for “other” red meat.

Poultry stocks jumped 11% to 1.540 billion pounds, led by a new all-time high in chicken, 19% higher at 927.599 million pounds, as production outpaced demand. Record levels of chicken breasts, breast meat, and legs all contributed to that new high. Turkey was up 1% at 608.593 million pounds.

The USDA says the amount of cheese in cold storage also hit a new all-time high. Natural cheese stocks as of August 31st totaled 1.360 billion pounds, up 2% from last year, with the largest increase in Swiss cheese stocks, rising 15% to 30.961 million pounds. American was down 2% at 787.255 million pounds, while “other” natural cheese was a new end of August record at 541.241 million. Butter stocks were pegged at 290.826 million pounds, 4% above a year ago.

The USDA’s next set of cold storage numbers is out October 22nd.