In a recent cold storage report released by the USDA’s National Agricultural Statistics Service (NASS), it has been revealed that the poultry meat sector is continuing to outpace last year’s figures, while the red meat industry is grappling with a slower recovery following a significant decline in the first half of the year.
As of the end of July, the overall supplies of frozen poultry experienced a slight 1% decrease compared to the previous month. However, they have still managed to mark an impressive 4% increase from the same period last year. Notably, broilers, fryers, and roasters exhibited an exceptional 53% surge year-over-year, in addition to a solid 14% increase from the previous month.
Contrastingly, the red meat segment presents a more fluctuating picture. Frozen beef stocks saw a modest 2% rise from the previous month, but they are still lagging by a notable 18% when compared to the same period last year. Similarly, frozen pork supplies witnessed a 3% decrease from the previous month and a more substantial 10% drop from the previous year. Despite a substantial 26% decrease in pork belly stocks from the prior month, they managed to show a remarkable 21% increase from the same period last year.
When considering the overall figures for red meat cold storage in July, they appeared to mirror those of June. However, a closer examination reveals a persistent decline of 14% compared to July 2022.
Diving into more specific categories, it becomes evident that there are intricate patterns at play. Boneless beef cold storage experienced a modest 2% increase in July compared to the prior month, but it remains down by 17% from July 2022. Beef cuts, on the other hand, displayed a more promising 9% rise from the previous month, although they continue to reflect a substantial 27% decline year-over-year. Overall, the beef category noted a significant 18% reduction in stock levels compared to the same period last year.
In the realm of pork cold storage, bone-in stocks saw a notable 20% increase, and hams surged by 2%. Among hams, bone-in quantities demonstrated a solid 14% rise, whereas stocks of boneless ham dropped by 11%. Collectively, ham stocks indicated a minor 3% increase. Bellies and loins also experienced rises of 21% and 3% respectively, adding to the complexity of the market dynamics.
In essence, the poultry cold storage sector continues its upward trajectory, while red meat struggles to regain its footing, showcasing the intricate balance within the meat industry’s storage landscape.
