US cold storage report with bearish surprise
The monthly inventory of cool camps the U.S. Department stores existing stocks of meat with date 28 Feb 2015 has strong surprise caused. Double-digit increases in stock , compared with the previous year and a further increase to the previous month Jan-2015, exceeded all expectations.
Higher inventories were already found in the month of Jan 2015. Usually rise at this time meat stocks on a scale from + 2 to + 3% for the purpose of stockpiling for the BBQ season.
There are significant differences between the different types of meat.
Higher growth rates were in the pork with + 5% compared to the previous year to expect, but the increase of month Jan. 15 on the month Feb. 2015 with + 15% exceeded but the highest expectations.
The increasing numbers of battle and the increased slaughter weights at the pigs have contributed to this result. A higher sale was secretly been expected. Now, it is clear that significant amounts in the freezers are landed.
When the beef , it is reversed. The meat stocks are + 20% increased compared with the previous year, have but the month Jan.-15 no longer changed.
The poultry meat with the exception of Turkey meat increased inventories by + 8% compared with the previous year. But the breadth of the individual sections ranging from the cheap wings-24% to the expensive parts of the chest with + 30% respectively compared to the previous year. Whole roast chicken with + 30% have significantly increased compared to previous month Jan 2015.
The Turkey meat stocks have between 4 and 15% increases.
The strong build-up of inventories by 10% on average over the five-year averages already will rely heavily meat prices in the United States for the next few months in the Feb one year under pressure.
