WASHINGTON — The USDA’s pork cutout value was up 6% from a week earlier and was the highest since September 2022. The beef cutout value eased the past two weeks from the highest levels since COVID-19 induced record highs in 2020.
The USDA in its June 29 Hogs and Pigs report indicated minor changes from a year ago in the June 1 US hog inventory, but numbers were slightly above trade expectations. Hog slaughter and pork production may remain near year-ago levels for the next few months but could decline later in the year and into 2024 due to a 4% drop in farrowing intentions for the June-November period.
Total red meat and pork production were record high in May, the USDA said in its Livestock Slaughter report. Total red meat outturn was up 2.4% from May 2022, with pork up 4.1% and beef up 0.7%. A 5% rise in hogs slaughtered more than offset lighter average live weight.
Total frozen red meat stocks on May 31 were down 11% from a year earlier, with beef down 20% and pork down 3.7%, the USDA said in its Cold Storage report. Total frozen poultry stocks were up 9% from May 31, 2022, with chicken up 10% and turkey up 6%.
The number of cattle in feedlots of 1,000 head or more on June 1 was down 2.9% from a year ago, with cattle sold for slaughter in May up 1.7% and cattle placed in feedlots up 4.6%, the USDA said in its Cattle on Feed report.