Executive Summary U.S. cattle & hog production figures provided by the USDA were recently updated with values spanning through May ’20. Highlights from the updated report include:

• May ’20 U.S. commercial red meat production rebounded from the 14 year low level experienced throughout the previous month but remained 12.2% lower on a YOY basis, reaching a ten year seasonal low level.
• U.S. pork production declined 9.7% on a YOY basis during May ’20, reaching a two and a half year low level, overall. The total number of hogs slaughtered declined 11.5% YOY throughout the month, more than offsetting a 2.4% increase in average weights/head.
• May ’20 U.S. beef production rebounded from the 27 year low level experienced throughout the previous month but remained 14.5% lower on a YOY basis, reaching a 27 year seasonal low level. The total number of cattle slaughtered declined 17.3% YOY throughout the month, more than offsetting a 3.9% increase in average weights/head.

Additional Report Details Total Red Meat – Production Reaches a Ten Year Seasonal Low Level, Finishes Down 12.2% YOY According to the USDA, May ’20 U.S. commercial red meat rebounded 3.9% from the 14 year low level experienced throughout the previous month but remained 12.2% lower on a YOY basis when normalizing for slaughter days, reaching a ten year seasonal low level. The YOY decline in total red meat production was the second largest experienced on record, trailing only the previous month decline. The MOM increase in total red meat production of 3.9% was greater than the ten year average April – May seasonal build of 1.5%. ’18-’19 annual red meat production increased 2.2% on a YOY basis, finishing at a record high level, while ’19-’20 YTD red meat production has increased by an additional 0.8% throughout the first two thirds of the production season, despite the recent declines. Total 12-month rolling average red meat production remained above trendline for the 33^rd consecutive month throughout May ’20, although the May ’20 deviation from trendline continued to decline from the record high level experienced throughout Mar ’20. Pork – Production Declines to a Two and a Half Year Low Level, Finishes Down 9.7% YOY May ’20 U.S. pork production declined 1.4% from the previous month while finishing 9.7% lower on a YOY basis when normalizing for slaughter days and reaching a two and a half year low level, overall. The YOY decline in pork production was the second largest experienced throughout the past 23 years on a percentage basis, trailing only the previous month decline. The May ’20 total number of hogs slaughtered declined 11.5% YOY throughout the month, more than offsetting a 2.4% increase in average weights/head. The MOM decline in pork production of 1.4% was fairly consistent with the ten year average April – May seasonal decline of 1.9%. ’18-’19 annual pork production increased 3.9% on a YOY basis, finishing at a record high level, while ’19-’20 YTD pork production has increased by an additional 2.7% throughout the first two thirds of the production season, despite the recent declines. Beef – Production Reaches a 27 Year Seasonal Low Level, Finishes Down 14.5% YOY May ’20 U.S. beef production rebounded 9.6% from the 27 year low level experienced throughout the previous month but remained 14.5% lower on a YOY basis when normalizing for slaughter days, reaching a 27 year seasonal low level. The YOY decline in beef production was the second largest on record, trailing only the previous month decline. The May ’20 total number of cattle slaughtered declined 17.3% YOY throughout the month, more than offsetting a 3.9% increase in average weights/head. The seasonal increase in beef production of 9.6% was the largest experienced throughout the past 14 years, exceeding the ten year average April – May seasonal increase of 4.9%. ’18-’19 annual beef production increased 0.6% on a YOY basis, finishing at a 16 year high level, however ’19-’20 YTD beef production has declined 1.1% throughout the first two thirds of the production season.