USDA National Agricultural Statistics Service released the February data for cold storage at the end of March. Beef cuts jumped 20 percent year over year while boneless beef climbed 3 percent. Pork too climbed above year ago, up 7 percent.
Bellies, loins, and bone-in picnics were all more than 25 percent higher than a year ago. Smaller gains in butts, trimmings, variety meats and unclassified pork all gained more than 5 percent.
Very few pork products show inventories below a year ago; spare ribs and hams being the exceptions. Lamb and mutton, also built stocks last month, climbing 7 percent above 2019, and 3 percent higher than last month. Lamb and ham are both generally thought of as holiday meats for Easter. This year Easter celebrations are likely not taking place in some areas as the coronavirus pandemic has officials limiting the size of social gatherings.
Total frozen poultry is down compared to a year ago, but rose slightly relative to last month. Duck in cold storage posted large declines, falling 8 percent from the previous month and is down 31 percent compared to last year. Total turkey inventory is 25 percent lower than a year ago.
Total chicken in cold storage fell by 3.4 percent from January and is 7 percent ahead of last year.
Grocery stores posted strong sales in February as a result of consumers stocking up in preparation of coronavirus isolation or possibly quarantines. One month later we are facing that reality.
Several cities have called for “shelter in place,” as well as closing restaurants, bars, salons, and other places where people congregate. Grocery store sales are expected to offset only a portion of the food that will no longer be consumed in the food service industry.
This is likely to affect beef and lamb more than any other species. Certain cuts are also expected to suffer more than others. White tablecloth-type of cuts may struggle to move as well during normal times. It is unsurprising cold storage is growing while the world and U.S. economy slow significantly. Cold storage is likely to continue to build until after peak infection hits the U.S. — Livestock Marketing Information Center
