U.S. pork supply up 16% as demand drops

Pork stockpiles in the United States rose 16 percent this July from a year earlier, as production increased and demand dropped due to rising prices. Bloomberg reports that warehouses held 453.9 million pounds of the meat on July 31, up from 391.2 million a year earlier, according to the USDA.

On Aug. 8, wholesale pork reached $1.1019 a pound, the highest since at least October 1997, USDA data show. High prices pushed shoppers toward cheaper meats, said Dan Vaught, the owner of Vaught Futures Insights in Altus, Ark.

“We’ve seen some production increases earlier this year,” Vaught said in a telephone interview before the report. There has also been some “carryover” from earlier jumps in inventories, he said.

Source: Bloomberg

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