Cattle placed in the month of May came in lower than expected as did marketings, resulting in a June 1, on feed number of record proportions. June 1 of 2022 showed 11.846 million head on feed. Compared to a year ago, placements showed early signs of drought stress with the under 600 pound category 4% higher than last year.  The following category, 600-699 also increased, up 6% from last year. Higher weight categories of 700-799, 800-899, 900-999, and 1000 pounds and heavier all saw volumes smaller than a year ago.

Wholesale butter prices have edged higher in recent weeks, taking out the year’s previous peak.  This week butter hit $2.9791 per pound and the highest since 2014. Butter has only achieved one week with a wholesale price over $3 per pound which was also in 2014. High prices have not affected sales volume. In the last 5 weeks sales are up 15% from last year. 

Total red meat cold storage stocks were nearly 1.1 billion pounds for the month of May, a 20% increase from a year ago. The rise in red meat stocks were due to higher levels for both beef and pork. In May, beef stocks were 519.8 million pounds which is a 25% increase from 2021’s level. Only boneless beef and beef cuts are reported and both categories were higher from a year earlier. Boneless beef was 22% higher to 471.1 million pounds while beef cuts were 48.8 million pounds, up 54%.