Declining livestock inventories contribute to drop in meat cold storage

By Bernt Nelson, American Farm Bureau economist

Cold storage, particularly for red meat and poultry, is an important part of the protein supply chain, with meat in cold storage coming from a variety of sources and used in both domestic and global markets. USDA’s monthly Cold Storage report measures reserve food supplies held in commercial and public warehouses. All stocks in the March 25 report represent inventory in cold storage on Feb. 29, 2024. Red meat in freezers was estimated to be 1.05 billion pounds, down 4% from February 2023 and the lowest it has been in 23 years. Frozen poultry stocks, a separate measure from red meat, were 1.03 billion pounds in February 2024, down just 1% from last year. These changes were somewhat expected since nearly all animal protein sectors are experiencing or will experience lower inventories in 2024 and beyond. When the supply of any commodity falls, it’s common for market volatility to increase.… Continue reading