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

• Nov ’20 U.S. commercial red meat production increased 1.0% on a YOY basis, reaching a new record high level.
• U.S. pork production increased 1.3% on a YOY basis throughout Nov ’20, reaching a new record high level, as a 2.1% increase in average weights per head more than offset a 0.6% decline in the total number of hogs slaughtered.
• U.S. beef production increased 0.8% on a YOY basis throughout Nov ’20, reaching a record high seasonal level, as a 0.9% increase in average weights per head more than offset a 0.4% decline in the total number of cattle slaughtered.

Additional Report Details Total Red Meat – Production Reaches a Record High Level, Finishes up 1.0% YOY According to the USDA, Nov ’20 U.S. commercial red meat increased to a new record high level, finishing 1.0% higher on a YOY basis when normalizing for slaughter days. The YOY increase in total red meat production was the sixth experienced in a row but the smallest experienced throughout the six month period. 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 month-over-month increase in total red meat production of 2.6% was largely consistent with the ten year average October – November seasonal increase of 2.9%. ’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 39^th consecutive month throughout Nov ’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 Level, Finishes up 1.3% YOY Nov ’20 U.S. pork production increased to a new record high level, finishing 1.3% higher on a YOY basis when normalizing for slaughter days. The YOY increase in pork production was the fifth experienced throughout the past six months. The Nov ’20 total number of hogs slaughtered declined 0.6% 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 month-over-month increase in pork production of 3.1% was slightly smaller than the ten year average October – November seasonal increase of 4.0%. ’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 0.8% YOY Nov ’20 U.S. beef production increased seasonally from the previous month while finishing 0.8% higher on a YOY basis when normalizing for slaughter days, reaching a record high seasonal level. The YOY increase in beef production was the fifth experienced in a row. The Nov ’20 total number of cattle slaughter declined 0.4% YOY throughout the month however the reduction in slaughter rates was more than offset by a 0.9% YOY increase in average weights per head. The month-over-month increase in beef production of 2.0% was largely consistent with the ten year average October – November seasonal increase of 1.8%. ’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.