Market News & Headlines >> Frozen Pork, Beef Stocks Record High
U.S. frozen pork stocks at the end of January were a record high for the month, as were frozen beef stocks, according to Tuesday afternoon’s monthly USDA Cold Storage report.
USDA pegged total frozen pork stocks as of Jan. 31 at 637.04 million pounds, up 16.7% from a month earlier and 6.9% from a year earlier. Total pork stocks topped trade expectations that averaged 608.09 mil. lbs, according to a Dow Jones Newswires survey.
The rise in pork stocks was due primarily to a rapid build-up in the supply of hams in cold storage. Jan. 31 ham stocks were record large at 111.17 million pounds, up 63.9% from a month earlier, although only 0.7% from a year earlier.
USDA pegged Jan. 31 frozen beef stocks at 518.46 million pounds, up 1.2% from a month earlier and 5.4% from a year earlier.