While traders were expecting the numbers in Tuesday’s USDA Cold Storage Report to show slightly less red meat than a year ago, the numbers instead came in 13{b5a992b8e63762954627fabd02ae0ce4cbdce5a7319b086354586c608f95fa42} higher than February of 2010.
Pork stocks were up 7{b5a992b8e63762954627fabd02ae0ce4cbdce5a7319b086354586c608f95fa42} from last month and 12{b5a992b8e63762954627fabd02ae0ce4cbdce5a7319b086354586c608f95fa42} higher than a year ago. Total frozen beef stocks, while only up 1{b5a992b8e63762954627fabd02ae0ce4cbdce5a7319b086354586c608f95fa42} from a month ago, are a whopping 16{b5a992b8e63762954627fabd02ae0ce4cbdce5a7319b086354586c608f95fa42} higher than a year ago.
The reality of having more beef in the freezer did give the cattle futures a bearish tone on Wednesday.
CLICK HERE to view the USDA Cold Storage Report.
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