CME: Beef in Cold Storage Declines Relatively to Year Ago
via The Cattle Site - 27 November 2019
US - According to Steiner Consulting Group, DLR Division, Inc., USDA– NASS released the "Cold Storage" report on Friday, 22 November 2019, for the month of October, stating that beef in cold storage declined relative to a year ago and a month ago.
Year-over-year comparisons show total beef is down 9.6 percent, led by beef cuts down 23.1 percent. Boneless product was 8.2 percent lower. Compared to September 2019 beef cut inventory increased 4.3 percent and boneless beef fell 1 percent, leading to very small changes to total beef month over month.
The US has effectively worked through very high levels of veal in cold storage, which is down 57.5 percent from last year. The highest veal in cold storage dating through this report’s 46 year history was February 2018. A record of 21 million pounds was set that month. Subsequent months of March and April also topped 20 million pounds, before cold storage began to whittle. Today veal in cold storage is 5.7 million pounds.
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