CME: Chicken Stocks up in October

by 5m Editor
26 November 2013, at 6:41am

US - USDA released its monthly "Cold Storage" report on Friday and that report shows that 31 October meat and poultry inventories were virtually unchanged from one year ago, write Steve Meyer and Len Steiner.

The numbers were about as expected by the trade and the October stocks draw-down was quite normal. (The report data for meat and poultry appear in the link below.)

A few highlights are:

  • Pork inventories 566.7 million pounds were 6.1 per cent lower than one year ago. They are still 8.2 per cent higher than the 5-year average for October 31, however. We had expected a pretty large drawdown of stocks due to lower-than-expected slaughter runs. Weights probably filled some of that shortfall but the drawdown was smaller than we had expected.

  • Chicken stocks are still large (+8.2 per cent yr/yr) and grew by 6.3 per cent in October. Higher output could exacerbate this stocks situation.

Further Reading

You can view the full report by clicking here.