date:Jun 26, 2015
re 468.5 million pounds, 24.1 per cent higher than a year ago and 8 per cent higher than the five year average.
Beef inventories were down 3 per cent compared to the previous month, which is a normal seasonal decline. Given high beef prices, end users are maintaining larger inventory hedges and thus we don’t see the larger stocks as particularly bearish for this market.
There is more imported beef coming, which has also helped bolster inventories.
We think the spread between domestic and imp