What Oregon Giveth, Michigan Taketh

Dear Client: The May 2022 state shipments estimate from the Beer Institute pegs May down 0.4%, and year-to-date shipments down 1.1%.  But beneath the sheen of those staid and muted trends turmoil lurks, as the delta in top performing states and lagging states widens. The most dramatic contrast: Oregon is up 30% so far this year, while Michigan is down 7%; but in real terms to-date, Oregon is contributing the most barrels in the nation, and Michigan losing the most.