Pork stockpiles in the U.S. rose 5.8 percent at the end of November from a year earlier, the government said, as production increased and demand from China declined. According to Bloomberg News, warehouses held 494.9 million pounds of pork, up from 468 million on Nov. 30, 2010.
Production in the first 10 months of the year totaled 18.6 billion pounds, up 1.6 percent from the same time last year.
Wholesale pork prices fell 8.5 percent in November, the biggest monthly decline since October 2010, according to the USDA. Reduced demand from China, the world’s biggest pork consumer, kept stockpiles up last month, said Dan Vaught, the owner of Vaught Futures Insights in Altus, Arkansas.
“The Chinese had bought quite aggressively earlier in the autumn and quit in October,” Vaught said in a telephone interview before the report. “That freed up a lot of pork. Prices were considerably weaker last month.”
Chicken-meat inventories at the end of November were 14 percent smaller than a year earlier at 659 million pounds, the USDA said. Beef supplies rose 0.5 percent to 437.6 million pounds.
Source: Bloomberg