Total red meat and poultry volume in cold storage at the end of July was the largest since 2002 at 2.419 billion lb., 2.8% higher than last year and 9.7% higher than the five-year average. Burdensome chicken inventory contributed the most to the increase.

Total red meat supplies in freezers increased 3% from the previous month but were 2% lower than last year, according to the U.S. Department of Agriculture’s latest “Cold Storage” report.

Total pounds of beef in freezers were 469.3 million lb., up 3% from the previous month and 2% from last year.

“Beef inventories have increased in each of the past two months while normally we see inventories decline by an average of 3% at this time of year,” Len Steiner said in the “Daily Livestock Report.”

Frozen pork supplies totaled 599.9 million lb., up 2% from the previous month but down 5% from last year. Stocks of pork bellies fell 20% to 50.7 million lb. from last month but significantly increased 114% from last year.

“Liquidating 25 million lb. of belly inventories at a time when slaughter is approaching 2.3 million head is a tall task,” Steiner said.

Total frozen poultry supplies on July 31, 2016, were 2% higher than the previous month and 7% higher than a year ago. Total stocks of chicken increased 1% from the month prior to 819.2 million lb., up 7% from last year. Turkey in freezers totaled 530.5 million lb., up 5% from last month and up 7% from July 31, 2015.

Total natural cheese stocks in refrigerated warehouses on July 31, 2016, were 2% higher than the previous month and 10% higher than July 31, 2015. Total natural cheese stocks set a record high for the month of July since the data first were recorded in 1917, USDA noted.  Butter stocks were up 2% from last month and up 31% from a year ago.