Things to Consider…. The latest US Cold Storage numbers reported pork stocks at 464.2 million pounds for March, up 6.5m pounds from February however is 69.7m pounds under year-ago levels. Notably, February's cold storage was revised +0.3% higher from 456.5m pounds up to 457.7m pounds. Most pork categories recorded decreased quantities from the previous month - most notably butts, unclassified pork and loins - however these overall reductions were offset by a significant rise in belly stocks and a moderate rise in spare-ribs. Pork bellies were again up the most in the latest stocks, rising 11.4m pounds from February though is 1.9m pounds under last year. Spare-ribs rose 2.8m pounds in March though are notably 20.7m pounds under year-ago supplies, while variety meats increased 872 thousand pounds on the month and is 4.4m pounds over last year (the only pork category to reflect higher year-over-year stocks). Pork butts dropped 2.9m pounds in the latest data and is 4.8m pounds under year-ago supplies, while unclassified pork was down 2.7m pounds and is 3.7m pounds under a year earlier. Total loins fell 2.0m pounds in March on decreased boneless loin stocks while overall loins are down 3.3m pounds from last year primarily due to reduced bone-in loins that are being offset partially by an increase in the boneless variety. Total hams overall in cold storage slipped 322 thousand pounds from February stocks as an increase in boneless hams were offset by the bone-in variety, while current supplies overall are 15.4m pounds under a year earlier. Remaining pork categories such as 'other pork', trimmings and bone-in picnics recorded more moderate moves lower on the month and hold supply quantities under those recorded a year earlier. |