Cold Storage shows larger than expected meat stocks.

USDA's monthly Cold Storage was released Tuesday afternoon.

They counted 432.2 million lbs. of beef in the nation's frozen warehouses at the end of March. This was -15 million from the prior month. The five year average decline was -13. Given that our slaughter was quite low in March (supplies offered) we would have expected a larger monthly drop than this.

End of March pork stocks were counted at 464.2 million lbs. This was an increase over the prior month of 7 million. The five year average month to month change is -10. This would be lightly disappointing.

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