Cold Storage data in the US show that more meat is on the market
Trade wars and overproduction are putting pressure on the meat prices in the US market, according to several data gathered by the Certified Angus Beef (CAB) Association.
The recent Cold Storage data reported 8% more beef, pork, chicken and turkey than a year ago and 10.5% higher than the 5-year average. Beef, specifically, is 13% higher than a year ago.
That is a lot of meat waiting to be delivered to the consumer and the "inventories suggest all protein prices will stay suppressed for a while", considers Paul Dykstra, an analyst for the CAB.
"USDA reported 11.55 million head in feed-yards on June 1, 7.5% above the 5-year average. These inventory levels were slightly higher than analysts had expected, and the August Live Cattle futures contract was hammered $3/cwt. lower early this week", he added.
Even if storage houses don't comprise much of CAB products, the pressure on prices is felt as well.
"Tenderloins are lower and priced about $1/lb. less than the past three years. CAB ground chuck was quoted lower at $1.80/lb.—you have to go back to 2010 to find a lower price for June", observed the analyst, according to Drovers magazine.
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