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The total inventory of pork in cold storage at the end of June was 541 million pounds, 22.4% higher than last year and 2.4% higher than the five-year average.
Normally U.S. pork inventories decline in June, but this year the decline was only 0.9% compared to a 4.6% average decline in the last five years. Higher pork production in June, and lackluster demand for processing items, likely pushed more product into cold storage.
Last year limited inventory caused prices for bellies and trim to skyrocket. Total inventory of bellies in cold storage at the end of June was 53.2 million pounds, 46.2% higher than a year ago and 19.7% higher than the five-year average. Inventories declined 6% from May compared to a 12% average decline in the last five years.
Ham inventory was 139.2 million pounds, 6.6% higher than a year ago but 7.1% lower than the five-year average. Ham inventories seasonally increase in the fall but in June inventory increased 10% compared to an average 15% increase in the last five years. Lack of turkeys for the holidays, robust Mexico demand and slower pace of inventory building have all supported ham values so far.
Pork trim inventory at 46.8 million pounds was 30.2% higher than last year and 20% higher than the five-year average.
August 1, 2022/ Pork Checkoff/ United States.
https://porkcheckoff.org/
