The USDA/NASS Cold Storage report for July 31, 2023 was released Wednesday.

  • Total beef was up 2% from the previous month and down 18% from July 2022
    • This was the number that first jumped out at me.
      • Boxed beef dropped during July
        • with Choice down $25.94 and Select off $15.90
      • Meanwhile, as we saw in last Friday’s Cattle on Feed report
        • Marketings during July were down 12% from the previous month
      • This bottom line is it looks like US demand for beef finally started to crack, with consumers turning their attention to less expensive types of meat.
  • Total poultry stocks were down 1% from last month and up 4% from last year.
    • Total chicken stocks were also down 1% from last month and up 4% from last year
      • This has the look of some US consumer demand turning toward chicken
      • It’s interesting to note with US football season just around the corner, chicken wings in cold storage dropped by 8% for the month and were down 17% from last year.
    • Frozen eggs were up 8% for the month and up 29% for the year
      • It looks like the stock rebuilding phase has begun
  • Total pork was down 3% for the month and down 10% from last July
    • This looks to be another market that benefitted from the high price of beef
    • Pork belly stocks were down 26% for the month as BLT (sandwich) season kicked into high gear
  • Total cheese was up 1% from last month and on par with last year
  • Total fruit was up 19% for the month and up 2% for the year
    • Frozen orange juice remains a hot topic, given the scarcity of concentrate on the shelves.
    • The latest report showed stocks were down 1% for the month and down 34% from last year
    • Most of the talk continues to center on the greening disease seen in both Florida and Brazil
  • Total vegetables increased 11% for the month and were up 5% from last year
    • A couple things to keep in mind
      • It’s interesting to see the difference better weather across California is making this year, for the most part
      • We’ll see what happens in subsequent reports given potential damage from Hurricane Hilary this past week
        • Though initial reports are it was minimal to key growing areas