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

• Jun ’20 U.S. commercial red meat production rebounded sharply from the previous month while finishing 2.8% higher on a YOY basis, reaching a record high seasonal level.
• U.S. pork production increased 5.8% on a YOY basis during Jun ’20, reaching a record high seasonal level. The total number of hogs slaughtered increased 4.9% YOY throughout the month while average weights/head increased 1.1% YOY.
• Jun ’20 U.S. beef production rebounded from the previous month but remained 0.1% lower on a YOY basis. The total number of cattle slaughtered declined 4.0% YOY throughout the month, more than offsetting a 4.0% increase in average weights/head.

Additional Report Details Total Red Meat – Production Rebounds to a Record High Seasonal Level, Finishes up 2.8% YOY According to the USDA, Jun ’20 U.S. commercial red meat rebounded sharply from the previous month while finishing 2.8% higher on a YOY basis, reaching a record high seasonal level. Total red meat production had reached a 14 year low level throughout the month of April prior to rebounding throughout the most recent two months of data. The MOM increase in total red meat production of 19.4% was greater than the ten year average May – June seasonal build of 0.7%. ’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 1.0% throughout the first three quarters of the production season. Total 12-month rolling average red meat production remained above trendline for the 34^th consecutive month throughout Jun ’20, although the Jun ’20 deviation from trendline continued to decline from the record high level experienced throughout Mar ’20. Pork – Production Rebounds to a Record High Seasonal Level, Finishes up 5.8% YOY Jun ’20 U.S. pork production rebounded sharply from the previous month while finishing 5.8% higher on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. The YOY increase in pork production was the first experienced throughout the past three months. The Jun ’20 total number of hogs slaughtered increased 4.9% YOY throughout the month while average weights/head finished 1.1% higher YOY. The MOM increase in pork production of 19.7% was a contraseasonal move when compared to the ten year average May – June 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 3.0% throughout the first three quarters of the production season. Beef – Production Rebounds Month-Over-Month but Remains 0.1% Lower on a YOY Basis Jun ’20 U.S. beef production rebounded sharply from the previous month but remained slightly lower on a YOY basis, down 0.1%. The YOY decline in beef production was the third experienced in a row. The Jun ’20 total number of cattle slaughtered declined 4.0% YOY throughout the month, more than offsetting a 4.0% increase in average weights/head. The MOM increase in beef production of 19.3% was significantly greater than the ten year average May – June seasonal increase of 3.0%, however. ’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 1.0% throughout the first three quarters of the production season.