Executive Summary U.S. livestock slaughter figures provided by USDA were recently updated with values spanning through Jan ’20. Highlights from the updated report include:

• U.S. commercial red meat production increased 5.5% on a YOY basis during Jan ’20, remaining at a record high seasonal level for the fifth consecutive month. The YOY increase in total red meat production was the 12^th experienced throughout the past 13 months.
• U.S. pork production increased 7.6% on a YOY basis during Jan ’20, also remaining at a record high seasonal level for the fifth consecutive month. The total number of hogs slaughtered increased 7.0% YOY throughout the month while average weights/head finished 0.7% higher.
• U.S. beef production increased 3.4% on a YOY basis during Jan ’20, reaching a record high seasonal high level for the third consecutive month. The total number of cattle slaughtered increased 2.4% YOY throughout the month while average weights/head finished 0.9% higher.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 5.5% YOY According to USDA, Jan ’20 U.S. commercial red meat increased 0.6% MOM and 5.5% YOY when normalizing for slaughter days, finishing at a record high seasonal level for the fifth consecutive month. The YOY increase in total red meat production was the 12^th experienced throughout the past 13 months and the second largest experienced throughout the past two years on a percentage basis. The MOM increase in total red meat production of 0.6% was greater than the ten year average December – January seasonal build of 0.1%. ’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 4.5% throughout the first third of the production season. Total 12-month rolling average red meat production finished above trendline for the 29^th consecutive month throughout Jan ’20. The Jan ’20 deviation from trendline was the largest on record. Pork – Production Remains at a Record High Seasonal Level, Finishes up 7.6% YOY Jan ’20 U.S. pork production increased 0.2% MOM and 7.6% YOY when normalizing for slaughter days, finishing at a record high seasonal level for the fifth consecutive month. The YOY increase in pork production was the 12^th experienced throughout the past 13 months. The Jan ’20 total number of hogs slaughtered increased 7.0% YOY throughout the month while average weights/head finished 0.7% higher YOY. The MOM increase in pork production of 0.2% was a contraseasonal move when compared to the ten year average December – January seasonal decline of 1.3%. ’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 6.7% throughout the first third of the production season. Beef – Production Remains at a Record High Seasonal Level, Finishes up 3.4% YOY Jan ’20 U.S. beef production increased 1.0% MOM and 3.4% YOY when normalizing for slaughter days, finishing at a record high seasonal level for the third consecutive month. The Jan ’20 total number of cattle slaughtered increased 2.4% YOY throughout the month while average weights/head finished 0.9% higher YOY. The MOM increase in beef production of 1.0% was slightly smaller than the ten year average December – January seasonal build of 1.4%. ’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 third of the production season.