During June Frozen Ham stocks expanded but are still well below a year ago and the longer term average. Given the prospects for expanded Pork Output in coming months, we expect this will keep a lid on Wholesale Ham prices.
For June, seasonally, we see about a normal liquidation rate for Pork Bellies and Pork Ribs developed.
Frozen Boneless Beef Stocks expanded during June but are still below a year ago levels. We would be surprised if freezer stocks will continue expanding at a “normal rate” as ample
fresh supplies will be available and likely will keep a lid on price appreciation mostly due to expanding Dairy Cow slaughter rates.
During June freezer Total Ham stocks re-built by continue to be below last year’s bloated hams freezer stocks.
During June Pork Rib stocks liquidated at a rather aggressive rate. We expect a more modest liquidation rate will continue in coming months. For the last 12 months Frozen Pork Rib stocks have held at rather bloated levels.
Pork Bellies stocks declined rather sharply during June, finally!
Total Turkey stocks continue building seasonally but are still at reduced levels historically.