Swollen US meat inventories mirror demand headwinds

Chicago

SLUMPING demand for meat on the US West and East Coasts boosted pork, beef and chicken inventories to some of their highest levels in years, analysts said following Friday's US Department of Agriculture (USDA) monthly cold storage report.

Meat processors and grocers normally stash hams in freezers before the Easter holiday and steaks, pork chops and chicken ahead of the summer grilling season. Friday's USDA report showed January pork inventories totalled 596.5 million pounds or about 270.5 million kilogrammes, up 18 per cent from December, partly due to increased production. January's pork stocks showed their biggest increase for the month since 2012, led largely by the 67 per cent jump in hams stored since December.