The latest US Cold Storage numbers reported pork stocks at 456.5 million pounds for February, down 6.8m pounds from January and 65.1m pounds under year-ago levels. Notably, January's cold storage was revised -1.0% lower from 468.0m pounds down to 463.3m pounds.
Many pork categories recorded decreased quantities from the previous month - most notably hams, variety meats and loins however others also reported modest moves lower. It's worth noting that typically pork in cold storage increases from January into February, owing largely to increased quantities of hams following the Christmas holidays and before Easter ham buying, however this trend did not occur for 2024. For reference, the previously recorded decline in hams overall from January into February last occurred very modestly in 2020 (with the two consecutive months nearly even) and the previous time before that was in 2004 which recorded a -4.4% drop.
Total hams overall in cold storage fell -6.9% or 5.2m pounds from January stocks with current supplies 15.6m pounds under a year earlier. Bone-in ham supplies were lightly increased on the month while the boneless variety dropped 5.5m pounds from January, and both varieties are notably under year-ago supplies. Variety meats fell 2.2m pounds in February however are up 2.4m pounds over a year earlier, while total loins in cold storage declined 1.5m pounds from last reported and are 1.7m pounds under last year. Bone-in loin supplies fell 2.8m pounds from the previous month and are 3.7m pounds under year-ago stocks, while boneless loins increased 1.2m pounds and were 2.0m pounds over last year. Other pork categories such as trimmings, spare-ribs and bone-in picnics recorded 0.7-1.0m pounds declines from January supplies, and each of these categories continue to hold well under year-ago cold storage stock levels.
Pork bellies were up the most in February stocks, rising 1.4m pounds from January however are 7.2m pounds under last year. The category accounting for 'Other pork' increased 1.2m pounds on the latest report and is shy of 1.0m pounds higher than a year earlier while butts and unclassified pork were each up around 1.0m pounds from the previous month, and 6.3m and 1.5m pounds lower respectively.
