SUMMARY: The trade is carrying a sizable Boneless Beef Stocks, well above the 5 Year average level.
Pork Belly stocks, at the End of November, suggesting that the trade anticipates big Fresh Pork Production next spring and summer and less need for freezer stocks. Ham frozen inventory had an aggressive liquidation rate this fall despite ample fresh Pork production rates; this suggests Ham exports were active in recent months.
Frozen Boneless Beef Stocks are seen as burdensome mostly due to expanded domestic Beef Cow culling.
- Frozen Pork Rib stocks at the end of November have been below last year but well above the prior five year averages. Given the huge expansion for the Sep-Nov Pig Crop, this portends a very big Pork Output levels next year.
Frozen Turkey stocks showed about a normal drawdown this fall after having a less than usual summer accumulation last summer.