KANSAS CITY — Pork inventories in the nation's freezers for January were sharply above last year's level and analysts' predictions, while frozen beef supplies were up as well, U.S. government officials said Wednesday.
The U.S. Department of Agriculture, in its monthly cold-storage report, said 584.4 million pounds of pork were in freezer warehouses as of Jan. 31, an increase of 20.6% from the previous month and 8.5% more than a year ago.
Ahead of Wednesday's release, analysts on average expected supplies in cold storage to be about flat with a year ago and 12% above levels at the end of December. Slowing export sales to China and sluggish domestic demand due to strong wholesale prices helped drive the storage gains in January.
"The data were no doubt disappointing," said Rich Nelson, director of research with Allendale Inc.
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