While the drop in cold stores is represented across all the major meats, it is beef that has fallen the most in the last year, report market analysts at Meat and Livestock Australia.

Inventories are down 21 per cent , to 364 million lbs (165,000 tonnes) of boneless beef and 41 million lbs (18,500 tonnes) of beef cuts.

Pork stores were 11 per cent lower at the end of March, at 575 million lbs (260,000 tonnes), while chicken was down just 5 per cent , at 588 million lbs (267,000 tonnes).

Turkey stores were 16 per cent lower, at 336 million lbs (152,000 tonnes), and are following the normal seasonal growth pattern for this time of year.

An MLA spokesperson said: "The declining inventories of meat are a contributing factor to the very high and volatile meat prices of the last few months in the US, with end users and traders finding it difficult to gauge where supplies will be in the next month, let alone for peak demand periods months away."