U.S. beef and chicken inventories housed in cold storage facilities surge according to a report from agricultural data provider Gro Intelligence.
U.S. beef inventories were 13.9% higher year-over-year in April, 6% above the five-year average and chicken inventories climbed 6.1% compared to April 2019, 13.5% higher than the five-year average.
The report cited restaurant closures and the inability of processing houses to slow production as the reasons.
Beef inventories were drawn down 2.5% from...
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