US beef exports in November continued to set a record pace, while pork exports trended lower than 2017, said the US Meat Export Federation while commenting on data from the USDA’s Economic Research Service and the Foreign Agriculture Service.
Monthly meat export data was delayed by the partial government shutdown. Year-end 2018 data was expected to be available in early to mid-March, if there isn’t another government shutdown.
BEEF EXPORTS UP 1%
Beef, veal and variety meat exports totaled 112,842 tonnes in November, up 927, or 0.83%, from 111,915 tonnes a year earlier.
At the same time, value climbed $42.848 million, or 6.43% to $709.219 million from $666.371 million.
For January through November, beef exports reached 1.240 million tonnes, up 89,953 tonnes, or 7.82% year-over-year from, 1.150 million and about 6% above the record pace of 2011 where the 12-month total was 1.287 million. At $7.632 billion, total beef export value was up $1.036 million, or 15.7%, from $6.596 billion and has already broken the full-year record of $7.27 billion set in 2017.
Beef export value per head of fed slaughter also was on a record-setting pace, averaging $322.97 in November, up about 5% from a year ago and $320.72 during the first 11 months of 2018, up about 14%. Exports accounted for about 13.1% of total November beef production and 10.9% for muscle cuts, both steady with November 2017.
For January through November, beef exports totaled 13.4% of total production and 11.1% for muscle cuts, up from 12.8% and 10.3%, respectively, in 2017. These numbers highlight the strong international demand for US beef as exports are accounting for a larger share of growing US production and are fetching higher prices, with some US cuts trading at record-high prices in Asia.
PORK EXPORTS SLIDE
November pork exports, however, slid, totaling 206.852 tonnes, down 17,110 tonnes, or 7.64% from 221,962 tonnes a year earlier, while value fell 77.061 million, or 12.5% to $538.741 million from $615.802 million. Retaliatory duties in key markets continued to generate headwinds for US pork, the USMEF said.
For January through November, pork exports were steady with 2017’s record pace at 2.227 million tonnes, which was down 1,707 tonnes, or 0.08%, from 2.229 million for the same period in 2017, and value was down $30.184 million, or 0.51%, to $5.865 billion from $5.895 billion.
In November, export value peer head slaughtered was $48.80, down about 16% from November 2017. Through the first 11 months of 2018, per-head export value averaged $51.46, down about 3%.
Pork exports accounted for 24.5% of total November pork production and 22% for muscle cuts, down from 27.7% and 24.1%, respectively, in Nov ember 2017.
CATTLE, BEEF RECAP
One hundred sixty-one head of fed cattle sold on the Fed Cattle Video Exchange last Wednesday at $124 to $124.50 per cwt.
Cash cattle traded last week at $124 to $125 per cwt on a live basis, steady to up $1 from the previous week, and at $197 to $200 per cwt on a dressed basis, down $1.
The USDA choice cutout Tuesday was up $0.28 per cwt at $217.16, while select was down $0.86 at $213.00. The choice/select spread widened to $4.16 from $3.02 with 87 loads of fabricated product sold into the spot market.
There were 40 heifer and no steer contracts tendered for delivery Tuesday.
The CME Feeder Cattle index for the seven days ended Monday, was $141.68 per cwt, down $0.05. This compares with Tuesday’s Mar contract settlement of $144.40, down $0.27.