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

• Aug ’20 U.S. commercial red meat production increased 5.2% on a YOY basis, reaching a record high seasonal level.
• U.S. pork production increased 8.1% on a YOY basis throughout Aug ’20, reaching a record high seasonal level. The total number of hogs slaughtered increased 6.7% YOY throughout the month while average weights per head increased 1.1% YOY.
• U.S. beef production increased 2.6% on a YOY basis throughout Aug ’20, reaching an 18 year high seasonal level. The total number of cattle slaughtered declined 0.1% YOY throughout the month however average weights per head increased 2.0% YOY.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 5.2% YOY According to the USDA, Aug ’20 U.S. commercial red meat increased seasonally from the previous month while finishing 5.2% 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 increase in total red meat production of 1.7% was consistent with the ten year average July – August seasonal increase 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 1.5% heading into the final month of the production season. Total 12-month rolling average red meat production remained above trendline for the 36^th consecutive month throughout Aug ’20, although the most recent deviation from trendline remained significantly below the record high level experienced throughout Mar ’20. Pork – Production Remains at a Record High Seasonal Level, Finishes up 8.1% YOY Aug ’20 U.S. pork production increased seasonally from the previous month while finishing 8.1% higher on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. The YOY increase in pork production was the third experienced in a row. The Aug ’20 total number of hogs slaughtered increased 6.7% YOY throughout the month while average weights per head finished 1.1% higher YOY. The MOM increase in pork production of 2.9% was smaller than the ten year average July – August seasonal increase of 4.3%, 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 3.6% heading into the final month of the production season. Beef – Production Increases to an 18 Year Seasonal High Level, Finishes up 2.6% YOY Aug ’20 U.S. beef production increased slightly from the previous month while finishing 2.6% higher on a YOY basis, reaching an 18 year seasonal high level. The YOY increase in beef production was the second experienced in a row. The Aug ’20 total number of cattle slaughtered declined 0.1% YOY throughout the month however average weights per head finished 2.0% higher YOY. The MOM increase in beef production of 0.5% was a contraseasonal move when compared to the ten year average July – August seasonal decline of 0.3%. ’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 0.5% heading into the final month of the production season, despite the most recent increase in production.