US storing less pork than anticipated
Stocks of pork in storage has increased by a margin of 0.8% from last May according to the USDA’s monthly Cold Storage report. There were some concerns that H1N1 fears and export declines might build pork supplies excessively.
“We do not think this data point will drive pork prices higher immediately, but at least the industry is selling higher volumes than feared, even if prices are weak,” J.P.Morgan analyst Ken Goldman wrote in a note to investors.
The only cut to see rising inventories during May was hams, which were up 23.5% from April, but even those stocks were more than 28% lower than one year ago, noted the CME Group’s Daily Livestock Report.
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