U.S. Livestock Cold Storage Update – Feb ’20
Executive Summary
U.S. cold storage figures provided by the USDA were recently updated with values spanning through Jan ’20. Highlights from the updated report include:
According to the USDA, Jan ’20 U.S. frozen pork stocks increased seasonally to an eight month high level while finishing 11.1% higher on a YOY basis, finishing at the second highest seasonal level on record. The YOY increase in pork stocks was the ninth experienced in a row however the MOM increase in pork stocks of 44.7 million pounds, or 7.7%, was smaller than the ten year average December – January seasonal build in stocks of 67.3 million pounds, or 13.3%. The December – January build in pork stocks was the smallest experienced throughout the past ten years.
Beef – Stocks Remain Lower on a YOY Basis for the 11th Consecutive Month, Finish Down 4.1%
U.S. frozen beef stocks increased to a 12 month high level during Jan ’20 but remained 4.1% lower on a YOY basis, finishing at a six year low seasonal level. The YOY decline in beef stocks was the 11th experienced in a row. The MOM increase in beef stocks of 9.0 million pounds, or 1.9%, was slightly smaller than the ten year average December – January seasonal build in stocks of 12.6 million pounds, or 2.8%.
Chicken – Stocks Finish 12.2% Higher YOY, Remaining at a Record High Seasonal Level
Jan ’20 U.S. frozen chicken stocks declined seasonally to a three month low level but remained 12.2% higher on a YOY basis, remaining at a record high seasonal level. The YOY increase in chicken stocks was the fourth experienced in a row and the largest experienced throughout the past 16 months on a percentage basis. The MOM decline in chicken stocks of 20.1 million pounds, or 2.1%, was consistent with the ten year average December – January seasonal decline in stocks of 16.4 million pounds, or 2.1%.
Overall, Jan ’20 combined U.S. pork, beef and chicken stocks reached a record high storage level, finishing 0.8% above the previous record high level experienced during Sep ’18. Individually, Jan ’20 chicken stocks finished 2.2% below the record high storage level experienced during Nov ’19 while pork and beef stocks finished within 11% and 14% of historical maximum storage levels, respectively.
Jan ’20 combined U.S. pork, beef and chicken stocks finished at a record high seasonal level for the month of January. Individually, Jan ’20 chicken stocks finished at record high seasonal level while pork stocks finished less than 0.1% below the record high seasonal level experienced during January of 2016 while beef stocks finished ten percent below the previous record high seasonal level experienced during January of 2017.
Jan ’20 combined U.S. pork, beef and chicken stocks finished 7.5% higher on a YOY basis. The Jan ’20 YOY increase in combined U.S. pork, beef and chicken stocks was the fourth experienced in a row and the second largest experienced throughout the past 17 months on a percentage basis, only trailing the previous month.
- U.S. pork stocks finished higher on a YOY basis for the ninth consecutive month during Jan ’20, increasing by 11.1%.
- U.S. beef stocks remained lower on a YOY basis for the 11th consecutive month during Jan ‘20, finishing down 4.1% and reaching a six year low seasonal level.
- U.S. chicken stocks finished 12.2% higher on a YOY basis during Jan ’20, remaining at a record high seasonal level.
According to the USDA, Jan ’20 U.S. frozen pork stocks increased seasonally to an eight month high level while finishing 11.1% higher on a YOY basis, finishing at the second highest seasonal level on record. The YOY increase in pork stocks was the ninth experienced in a row however the MOM increase in pork stocks of 44.7 million pounds, or 7.7%, was smaller than the ten year average December – January seasonal build in stocks of 67.3 million pounds, or 13.3%. The December – January build in pork stocks was the smallest experienced throughout the past ten years.
Beef – Stocks Remain Lower on a YOY Basis for the 11th Consecutive Month, Finish Down 4.1%
U.S. frozen beef stocks increased to a 12 month high level during Jan ’20 but remained 4.1% lower on a YOY basis, finishing at a six year low seasonal level. The YOY decline in beef stocks was the 11th experienced in a row. The MOM increase in beef stocks of 9.0 million pounds, or 1.9%, was slightly smaller than the ten year average December – January seasonal build in stocks of 12.6 million pounds, or 2.8%.
Chicken – Stocks Finish 12.2% Higher YOY, Remaining at a Record High Seasonal Level
Jan ’20 U.S. frozen chicken stocks declined seasonally to a three month low level but remained 12.2% higher on a YOY basis, remaining at a record high seasonal level. The YOY increase in chicken stocks was the fourth experienced in a row and the largest experienced throughout the past 16 months on a percentage basis. The MOM decline in chicken stocks of 20.1 million pounds, or 2.1%, was consistent with the ten year average December – January seasonal decline in stocks of 16.4 million pounds, or 2.1%.
Overall, Jan ’20 combined U.S. pork, beef and chicken stocks reached a record high storage level, finishing 0.8% above the previous record high level experienced during Sep ’18. Individually, Jan ’20 chicken stocks finished 2.2% below the record high storage level experienced during Nov ’19 while pork and beef stocks finished within 11% and 14% of historical maximum storage levels, respectively.
Jan ’20 combined U.S. pork, beef and chicken stocks finished at a record high seasonal level for the month of January. Individually, Jan ’20 chicken stocks finished at record high seasonal level while pork stocks finished less than 0.1% below the record high seasonal level experienced during January of 2016 while beef stocks finished ten percent below the previous record high seasonal level experienced during January of 2017.
Jan ’20 combined U.S. pork, beef and chicken stocks finished 7.5% higher on a YOY basis. The Jan ’20 YOY increase in combined U.S. pork, beef and chicken stocks was the fourth experienced in a row and the second largest experienced throughout the past 17 months on a percentage basis, only trailing the previous month.