With January’s cold storage assessment hot off the press, turkey market participants are digging through the stats as they attempt to gain some perspective on the supply side of the equation. Contrary to December’s inventory report, January’s YoY (year-over-year) data was somewhat varied depending on the item in question. At 243.8 million pounds, a mile-high perspective reveals a 19.1% reduction in cumulative holdings. This positions January’s figures at the lowest seasonal level on record to date. Taking a look at the monthly change, inward movement of 78.1 million pounds propelled total holdings upward by 47.1% from December. Although this uptick far exceeds the 5-year average advancement of 27%, it is important to bear in mind that 2021’s ending inventory stood at the second-lowest level in history. In other words, it didn’t take much volume to influence January’s figures from a percentage standpoint. Keeping in line with what was reported back in December, frozen tom holdings continue to traverse along a familiar, albeit seasonally strengthened, path...

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Dylan Hughes
Urner Barry
1-732-240-5330 ext 286
dhughes@urnerbarry.com