Cold Storage shows smaller than normal meat stock drawdown.

The latest monthly Cold Storage report showed end of May beef stocks at 423.7 million lbs. This was -15 million from the prior month. May is normally a stock drawdown month. This decline was less than the five year average change for that month, -30. We hesitate to suggest this lightly negative news will impact the trade too much.

End of May pork stocks were counted at 481.9 million lbs. This was a decline from April of -17 million. May is normally a stock drawdown month. This decline was less than the five year average change for that month, -31. For what market impact this may have, it would be lightly negative.

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