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CME: Beef in Cold Storage Falls for Fourth Month in a Row

26 June 2019

US - Beef in cold storage fell for the fourth consecutive month, coming in at just over 400 million pounds, reports Steiner Consulting Group, DLR Division, Inc.

This is the lowest cold storage inventory in total beef since November of 2014. This is 61 million pounds down from last year or 13 percent.

Boneless beef and beef cuts were down by similar percentages. Boneless beef in cold storage trimmed 55 million pounds or 13 percent out of inventories while beef cuts lost 16 percent or 6 million pounds.

Beef cut prices that showed promising first quarters have started to weaken in the second quarter relative to a year ago.

Ribeyes, loins, tenderloin, and chuck prices have had several weeks below a year ago in the second quarter. Boneless beef, on the other hand, has had a very strong second quarter.

Fresh boneless beef 90 percent lean prices above last year since the end of March, while 50 percent lean prices crept above a year ago in the last five weeks.

Daily Livestock Report - Copyright © 2008 CME. All rights reserved.

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