Beef supplies in freezers on December 31, 2013 were six percent lower than the previous year according to the latest Cold Storage report released by the USDA.
The report also shows beef supplies in freezers are three percent lower than the previous month. The latest data will likely pressure beef prices which have already been trending higher since the last week of December.
The lower beef supplies helped push overall red meat in freezers down from the previous year. The USDA reports red meat supplies are two percent lower than the previous year, however month-to-month figures improved slightly.
The decline in beef supplies were countered by a rise in frozen pork supplies. Pork numbers increased by two percent from the previous month and one percent compared to the same month a year earlier.
Another protein competitor fell lower in the latest report. Poultry supplies in freezers match beef data, falling three percent from the previous month and six percent compared to a year earlier. Total stocks of chicken were down 7 percent from the previous month and down slightly from last year. Total pounds of turkey in freezers were up 8 percent from last month but down 20 percent from December 31, 2012.
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