USDA released on Monday afternoon the results of its monthly survey of refrigerated warehouses, showing red meat and poultry stocks as of 30 November 2008. A detailed table is included (please click on the link below), below are some of the highlights from this latest survey:

• Total beef stocks at the end of November were reported to be 474.3 million pounds, 0.2 per cent lower than a year ago but still 4.8 per cent higher than the five year average level. Beef stocks have increased in the past couple of months, in part due to higher stocks of boneless beef. While USDA data lacks detail as to the kind of product in cold storage, we suspect that part of the reason for the increase is the higher volume of US beef imports. Still, US boneless beef stocks were 2.4 per cent below year ago levels as of 30 November. Boneless beef stocks were 394.3 million pounds, Inventories of beef cuts, at 80.0 million pounds, also are 12.1 per cent higher than a year ago and 32.4 per cent higher than the five year average.
  
  
• Total pork supplies in cold storage were reported at 517.2 million pounds, 9 per cent higher than a year ago and 14.6 per cent above the five year average level. While current stocks are not especially burdensome, it was somewhat troubling that total pork stocks rose compared to the prior month. Normally, the holiday liquidation of hams tends to pressure overall pork supplies lower in November. Even last year when hog slaughter hit all time record levels, November pork stocks declined from the prior month. Ham cold storage stocks were reported at 93.6 million pounds, 24.2% higher than a year ago and 40.7 per cent higher than the five year average. Pork belly stocks increased compared t o the prior month, which is the normal seasonal pattern at this time of year but, at 34.5 million pounds, belly stocks are currently just 0.4 per cent higher than a year ago. Pork ribs were 72.6 million pounds, increasing some 29 per cent from the prior month and are now 16.7 per cent higher compared to a year ago. Pork loins at 40.9 million pounds were 6 per cent higher than a year ago. Pork trimmings, an item that has been negatively impacted from the slowdown in exports to Russia, were 52.0 million pounds at the end of November, up 27.8 per cent from the prior month and now 12.6 per cent above last year’s levels.
  
  
• Total beef, pork and poultry supplies in cold storage as of November were 2.18 billion pounds, 16.3 per cent higher than a year ago.

Further Reading

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You can view the full report by clicking here.