USDA’s monthly Cold Storage report was released on Monday, and it showed the 30 June red meat and poultry inventory at 2.392 billion pounds, 97.2 percent of the 31 May stocks but 104.7 percent of the 30 June 2018 total.
Each species followed its typical monthly pattern for June: Chicken supplies in freezers remained flat, the turkey inventory was built up, and red meat stocks were drawn down. However, given the export problems faced by pork, those supplies were far higher versus June 2018, which was about the time that Mexican and Chinese tariffs hit U.S. exports. To underscore this point, approximately 27.5 percent of all the pork in storage consisted of hams, which were at 115 percent of last year. These are traditionally the top...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
