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

• Jul ’20 U.S. commercial red meat production increased 2.7% on a YOY basis, reaching a record high seasonal level.
• U.S. pork production increased 5.1% on a YOY basis throughout Jul ’20, reaching a record high seasonal level. The total number of hogs slaughtered increased 3.9% YOY throughout the month while average weights per head increased 1.1% YOY.
• U.S. beef production increased 0.5% on a YOY basis throughout Jul ’20, reaching a 17 year high seasonal level. The total number of cattle slaughtered declined 2.7% YOY throughout the month however average weights per head increased 2.8% YOY.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 2.7% YOY According to the USDA, Jul ’20 U.S. commercial red meat declined seasonally from the previous month but remained 2.7% higher on a YOY basis when normalizing for slaughter days, 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 past several months of data. The MOM decline in total red meat production of 1.7% was consistent with the ten year average June – July seasonal decline of 1.8%. ’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 1.2% throughout the first ten months of the production season. Total 12-month rolling average red meat production remained above trendline for the 35^th consecutive month throughout Jul ’20, although the Jul ’20 deviation from trendline remained significantly below the record high level experienced throughout Mar ’20. Pork – Production Rebounds to a Record High Seasonal Level, Finishes up 5.1% YOY Jul ’20 U.S. pork production declined seasonally from the previous month but remained 5.1% higher on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. The Jul ’20 total number of hogs slaughtered increased 3.9% YOY throughout the month while average weights per head finished 1.1% higher YOY. The MOM decline in pork production of 3.2% was greater than the ten year average June – July seasonal decline of 1.9%, however. ’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 3.2% throughout the first ten months of the production season. Beef – Production Increases to a 17 Year Seasonal High Level, Finishes up 0.5% YOY Jul ’20 U.S. beef production declined slightly from the previous month but finished 0.5% higher on a YOY basis, reaching a 17 year seasonal high level. The YOY increase in beef production was the first experienced throughout the past four months. The Jul ’20 total number of cattle slaughtered declined 2.7% YOY throughout the month however average weights per head finished 2.8% higher YOY. The MOM decline in beef production of 0.1% was significantly smaller than the ten year average June – July seasonal decline of 1.6%. ’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 0.9% throughout the first ten months of the production season, despite the most recent increase.