CME: Seasonal Decline in Ham Inventories

by 5m Editor
24 November 2008, at 7:27am

US - CME's Daily Livestock Report for 21st November 2008.

USDA released on Friday, November 21 the results of its latest survey of US cold storage facilities. The report showed that total beef, pork and poultry supplies as of October 31 are now 10.3% above year ago and 5.2% above 5-year average levels. Below are some of the highlights from this report (please click below for details):

Beef: Total beef supplies in cold storage as of October 31 were 463.0 million pounds, 5.1% lower than a year ago but 3.3% higher than the five year average. Increased shipments of imported beef have likely begun to show up in the cold storage numbers as boneless beef stocks have steadily increased in the last two months.

Pork: Total pork supplies, at 513.4 million pounds, were up 1.1% from the previous month and are now 3.8% higher than a year ago and 11.6% higher than the five year average. Inventories of hams seasonally declined 15.1% from the previous month and while they are just 1.6% from the very heavy levels of a year ago they are now 25.4% above the five year average. Pork belly stocks in cold storage were 21.3 million pounds, 11.6% larger than a year ago and 28.7% larger than the five year average. Pork belly inventories are slowly getting in balance and this should be positive for pork belly prices going into 2009. Inventories of pork loins were 28.9 million pounds.

Further Reading

- You can view the full report by clicking here.