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

• Oct ’20 U.S. commercial red meat production increased 2.5% on a YOY basis, reaching a record high seasonal level.
• U.S. pork production increased 1.7% on a YOY basis throughout Oct ’20, reaching a record high seasonal level, as a 2.1% increase in average weights per head more than offset a 0.3% decline in the total number of hogs slaughtered.
• U.S. beef production increased 3.4% on a YOY basis throughout Oct ’20, reaching a record high seasonal level. The total number of cattle slaughter increased 0.9% YOY throughout the month while average weights per head increased 1.8%.

Additional Report Details Total Red Meat – Production Remains at a Record High Seasonal Level, Finishes up 2.5% YOY According to the USDA, Oct ’20 U.S. commercial red meat increased to a seven month high level while finishing 2.5% higher on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. The YOY increase in total red meat production was the fifth experienced in a row. 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 1.5% was a contraseasonal move when compared to the ten year average September – October seasonal decline of 0.2%. ’18-’19 annual red meat production increased 2.2% on a YOY basis, finishing at a record high level, while ’19-’20 annual red meat production increased by an additional 1.5%. Total 12-month rolling average red meat production remained above trendline for the 38^th consecutive month throughout Oct ’20, although the most recent deviation from trendline remained significantly below the record high level experienced throughout Mar ’20. Pork – Production Reaches a Record High Seasonal Level, Finishes up 1.7% YOY Oct ’20 U.S. pork production increased to a seven month high level while finishing 1.7% higher on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. The YOY increase in pork production was the fourth experienced throughout the past five months. The Oct ’20 total number of hogs slaughter declined 0.3% YOY throughout the month however the reduction in slaughter rates was more than offset by a 2.1% YOY increase in average weights per head. The MOM increase in pork production of 4.4% was greater than the ten year average September – October seasonal increase of 2.2%. ’18-’19 annual pork production increased 3.9% on a YOY basis, finishing at a record high level, while ’19-’20 annual pork production increased by an additional 3.3%. Beef – Production Reaches a Record High Seasonal Level, Finishes up 3.4% YOY Oct ’20 U.S. beef production declined seasonally from the previous month but remained 3.4% higher on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. The YOY increase in beef production was the fourth experienced in a row. The Oct ’20 total number of cattle slaughter increased 0.9% YOY throughout the month while average weights per head finished 1.8% higher YOY. The MOM decline in beef production of 1.5% was slightly smaller than the ten year average September – October seasonal decline of 2.3%. ’18-’19 annual beef production increased 0.6% on a YOY basis, finishing at a 16 year high level, however ’19-’20 annual beef production declined 0.2% YOY.