Executive Summary U.S. livestock slaughter figures provided by USDA were recently updated with values spanning through Dec ‘19. Highlights from the updated report include:

• Dec ’19 U.S. commercial red meat production increased 5.9% on a YOY basis, remaining at a record high seasonal level for the fourth consecutive month. The YOY increase in total red meat production was the 11^th experienced throughout the past 12 months and the largest experienced throughout the past two years.
• Dec ’19 U.S. pork production increased 7.1% on a YOY basis, also remaining at a record high seasonal level for the fourth consecutive month. The total number of hogs slaughtered increased 6.6% YOY throughout the month while average weights/head finished 0.7% higher.
• Dec ’19 U.S. beef production increased 4.7% on a YOY basis, reaching a record high seasonal high level for the second consecutive month. The total number of cattle slaughtered increased 4.3% YOY throughout the month while average weights/head finished 0.4% higher.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 5.9% YOY According to USDA, Dec ’19 U.S. commercial red meat declined 2.5% MOM from the record high level experienced throughout the previous month but remained 5.9% higher YOY when normalizing for slaughter days, finishing at a record high seasonal level for the fourth consecutive month. Total red meat production has finished higher on a YOY basis over 11 of the past 12 months. The Dec ’19 YOY increase in total red meat production was the largest experienced throughout the past two years while the MOM reduction in total red meat production of 2.5% was smaller than the ten year average November – December seasonal decline of 3.8%. ’18-’19 annual red meat production increased 2.2% YOY, finishing at a record high level, while ’19-’20 YTD red meat production has increased by an additional 4.2% throughout the first quarter of the production season. Total 12-month rolling average red meat production finished above trendline for the 28^th consecutive month throughout Dec ’19. The Dec ’19 deviation from trendline increased to an 11 year high level. Pork – Production Remains at a Record High Seasonal Level, Finishes up 7.1% YOY Dec ’19 U.S. pork production declined 1.6% MOM but remained 7.1% higher YOY when normalizing for slaughter days, finishing at a record high seasonal level for the fourth consecutive month. The YOY increase in pork production was the 11^th experienced throughout the past 12 months. The Dec ’19 total number of hogs slaughtered increased 6.6% YOY throughout the month while average weights/head finished 0.7% higher YOY. The MOM reduction in pork production of 1.6% was smaller than the ten year average November – December seasonal decline of 3.1%. ’18-’19 annual pork production increased 3.9% YOY, finishing at a record high level, while ’19-’20 YTD pork production has increased an additional 6.4% throughout the first quarter of the production season. Beef – Production Remains at a Record High Seasonal Level, Finishes up 4.7% YOY Dec ’19 U.S. beef production declined 3.5% MOM but remained up 4.7% YOY when normalizing for slaughter days, finishing at a record high seasonal level for the second consecutive month. The Dec ’19 total number of cattle slaughtered increased 4.3% YOY throughout the month while average weights/head finished 0.4% higher YOY. The MOM reduction in beef production of 3.5% was smaller than the ten year average November – December seasonal decline of 4.6%. ’18-’19 annual beef production increased 0.6% YOY, finishing at a 16 year high level, while ’19-’20 YTD beef production has increased an additional 2.1% throughout the first quarter of the production season.