U.S. Livestock Cold Storage Update – Dec ’20
Executive Summary
U.S. cold storage figures provided by the USDA were recently updated with values spanning through Nov ’20. Highlights from the updated report include:
According to the USDA, U.S. frozen pork stocks declined to a ten year low level throughout Nov ’20, finishing 28.0% below previous year volumes. Pork stocks reached a 23 year low seasonal level for the month of November. The YOY decline in pork stocks was the eighth experienced in a row and the largest experienced throughout the past ten years on a percentage basis. Frozen pork stocks had finished higher on a YOY basis over 11 consecutive months prior to the eight most recent YOY declines. The MOM decline in pork stocks of 33.0 million pounds, or 7.4%, was largely consistent with the ten year average October – November seasonal decline in stocks of 43.0 million pounds, or 7.3%.
Beef – Stocks Finish Higher on a YOY Basis for the Second Consecutive Month, up 6.9%
U.S. frozen beef stocks rebounded seasonally to a two year high level throughout Nov ’20, finishing 6.9% higher on a YOY basis. The YOY increase in beef stocks was the second experienced in a row. The MOM increase in beef stocks of 11.2 million pounds, or 2.2%, was largest consistent with the ten year average October – November seasonal increase in stocks of 7.8 million pounds, or 2.0%.
Chicken – Stocks Decline to a Four Year Low Seasonal Level, Finish Down 9.9% on a YOY Basis
Nov ’20 U.S. frozen chicken stocks declined contraseasonally from the six month high level experienced throughout the previous month while finishing 9.9% below previous year levels. Chicken stocks reached a four year low seasonal level for the month of November, finishing lower on a YOY basis for the fourth consecutive month. Chicken stocks had finished higher on a YOY basis over ten consecutive months prior to finishing lower over each of the past four months. The MOM decline in chicken stocks of 29.0 million pounds, or 3.2%, was a contraseasonal move when compared to the ten year average October – November seasonal increase in stocks of 13.1 million pounds, or 1.7%. The October – November decline in chicken stocks was the largest experienced throughout the past nine years.
Overall, Nov ’20 combined U.S. pork, beef and chicken stocks finished 12.7% below the monthly record high level experienced throughout Jan ’20. Individually, Nov ’20 beef and chicken stocks each finished ten percent below record high historical storage levels while pork stocks finished 41% below the maximum historical pork storage level.
Nov ’20 combined U.S. pork, beef and chicken stocks declined to a six year low seasonal level, finishing 11.0% below the record high seasonal level experienced during November of 2019. Individually, Nov ’20 beef stocks finished four percent below the record high seasonal storage level while chicken and pork stocks finished ten percent and 28% below record high seasonal storage levels, respectively.
The Nov ’20 YOY decline in combined U.S. pork, beef and chicken stocks was the seventh experienced in a row and the largest experienced throughout the past six years on a percentage basis.
- U.S. pork stocks declined to a ten year low level throughout Nov ’20, finishing 28.0% below previous year volumes.
- U.S. beef stocks finished higher on a YOY basis for the second consecutive month throughout Nov ’20, increasing by 6.9%.
- U.S. chicken stocks declined to a four year low seasonal level throughout Nov ‘20, finishing down 9.9% on a YOY basis.
According to the USDA, U.S. frozen pork stocks declined to a ten year low level throughout Nov ’20, finishing 28.0% below previous year volumes. Pork stocks reached a 23 year low seasonal level for the month of November. The YOY decline in pork stocks was the eighth experienced in a row and the largest experienced throughout the past ten years on a percentage basis. Frozen pork stocks had finished higher on a YOY basis over 11 consecutive months prior to the eight most recent YOY declines. The MOM decline in pork stocks of 33.0 million pounds, or 7.4%, was largely consistent with the ten year average October – November seasonal decline in stocks of 43.0 million pounds, or 7.3%.
Beef – Stocks Finish Higher on a YOY Basis for the Second Consecutive Month, up 6.9%
U.S. frozen beef stocks rebounded seasonally to a two year high level throughout Nov ’20, finishing 6.9% higher on a YOY basis. The YOY increase in beef stocks was the second experienced in a row. The MOM increase in beef stocks of 11.2 million pounds, or 2.2%, was largest consistent with the ten year average October – November seasonal increase in stocks of 7.8 million pounds, or 2.0%.
Chicken – Stocks Decline to a Four Year Low Seasonal Level, Finish Down 9.9% on a YOY Basis
Nov ’20 U.S. frozen chicken stocks declined contraseasonally from the six month high level experienced throughout the previous month while finishing 9.9% below previous year levels. Chicken stocks reached a four year low seasonal level for the month of November, finishing lower on a YOY basis for the fourth consecutive month. Chicken stocks had finished higher on a YOY basis over ten consecutive months prior to finishing lower over each of the past four months. The MOM decline in chicken stocks of 29.0 million pounds, or 3.2%, was a contraseasonal move when compared to the ten year average October – November seasonal increase in stocks of 13.1 million pounds, or 1.7%. The October – November decline in chicken stocks was the largest experienced throughout the past nine years.
Overall, Nov ’20 combined U.S. pork, beef and chicken stocks finished 12.7% below the monthly record high level experienced throughout Jan ’20. Individually, Nov ’20 beef and chicken stocks each finished ten percent below record high historical storage levels while pork stocks finished 41% below the maximum historical pork storage level.
Nov ’20 combined U.S. pork, beef and chicken stocks declined to a six year low seasonal level, finishing 11.0% below the record high seasonal level experienced during November of 2019. Individually, Nov ’20 beef stocks finished four percent below the record high seasonal storage level while chicken and pork stocks finished ten percent and 28% below record high seasonal storage levels, respectively.
The Nov ’20 YOY decline in combined U.S. pork, beef and chicken stocks was the seventh experienced in a row and the largest experienced throughout the past six years on a percentage basis.