Cold storage drawdown signals robust demand

Red meat and poultry in cold storage fell to lower levels in December 2021 than a year earlier, indicating strong demand. Red meat fell 6% to a total of 928.456 million pounds, as beef decreased 6% to 503.792 million and pork declined 4% to 398.947 million, USDA said in its latest Cold Storage report.
Poultry dropped 16%, with chicken down 14% to 741.756 million pounds and turkey falling 23% to 171.051 million pounds. “The latest cold storage data remains supportive for meat prices, pointing to overall tight freezer supplies and the need on the part of end users to improve inventory positions ahead of the seasonal rebound in demand in the spring,” analysts wrote in the Daily Livestock Report.