Supplies of beef and pork stored in U.S. warehouses unexpectedly dropped in July, indicating that this year's high meat prices have not greatly slowed supermarket sales, analysts said.
The U.S. Agriculture Department on Wednesday reported end-of-July pork stocks at 546.6 million pounds, down 8 percent from June and below analysts' average forecast of 561.8 million.
Although, down from forecasts and from June, the stocks were the largest on record for July and up 20 percent from a year ago. It also was the third consecutive monthly record.
"The July outcome was low relatively speaking and compared to average forecasts, which is good news," said independent meat market analyst Bob Brown in Edmond, Oklahoma.
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