The total supply of beef in cold storage at the end of December was estimated at 544 million pounds, 7.3% higher than a year ago and 8.5% higher than the five year average. Expectations for tight supplies/higher prices in 2023 have caused both end users and packers to hold more beef in cold storage than in the past.
The additional supply may help limit some of the upside price pressures in the near term, especially if beef production does not decline as quickly and as much as previously expected.
Source: Daily Livestock Report - Steiner Consulting Group
