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CME: Overall Decline in Beef Inventories

24 July 2019

US - The combined inventory of beef, pork, chicken and turkey in cold storage at the end of June was estimated at 2.392 billion pounds, 2.8 percent lower than a year ago but still 4.7 percent higher than last year, reports Steiner Consulting Group, DLR Division, Inc.

June inventory of the four main proteins increased by 1.2 percent from May levels, higher than the average for the last five years but similar in magnitude and trend to 2017 and 2016.

The total supply of beef in cold storage at the end of June was 395.5 million pounds, 12.1 percent lower than a year ago and 8.7 percent lower than the five year average. In the last five years beef inventories at the end of June averaged about 1.3 percent below May levels, a function of end users depleting their stock to support higher demand at both foodservice and retail.

This year, the overall beef inventory at the end of June was 2.6 percent lower than May levels. The primary reason for the decline in beef inventories was the drawdown in boneless beef stocks, which at the end of June were 361.1 million pounds, 11.3 percent lower than a year ago and 8.5 percent below the five year average. The beef cold storage inventory may be construed as positive by futures markets when they open on Tuesday.

Daily Livestock Report - Copyright © 2008 CME. All rights reserved.

TheCattleSite News Desk

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