Meat Cold Storage Supplies Decline as Livestock Inventories Fall, USDA Reports

The USDA’s National Agricultural Statistics Survey released its March Cold Storage report on March 25, 2024, offering a vital insight into the current state of the nation’s animal protein supply and demand. According to the report, there has been a notable decrease in meat cold storage quantities, particularly red meat and poultry, highlighting a significant trend in the protein supply chain.

The March report, reflecting inventory as of February 29, 2024, indicates that red meat in freezers stood at 1.05 billion pounds, marking a 4% decrease from February 2023 and representing the lowest level in 23 years. Meanwhile, frozen poultry stocks were recorded at 1.03 billion pounds in February 2024, only a slight 1% drop from the previous year. This reduction in cold storage meat supplies is attributed to diminishing livestock inventories across nearly all animal protein sectors, anticipated to persist into 2024 and beyond.