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Pork cold storage inventories at year ago lev‐ els despite larger production in the last three months.

The overall inventory of pork products in cold storage at the end of October was 597.3 million pounds, 0.3% lower than last year and 2.8% higher than the five year average. October pork inventories declined 3.4% from September levels, which compares to a 4.7% average drawdown for the last five years. The fact that cold storage numbers have for the most part followed the normal drawdown lead us to view the results of this report as neutral for prices in the short to medium term.

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