US red meat exports ended the first quarter on a very high note, according to data released by USDA and compiled by the US Meat Export Federation, with March beef and pork exports each posting the highest monthly value on record.
Pork exports and shipments of beef muscle cuts also set new volume records in March, the USMEF said.
“It’s very gratifying to see such an outstanding breakout month for US beef and pork exports,” said USMEF president and CEO Dan Halstrom in a release. “Exports were off to a respectable start in 2021, considering the logistical and labor challenges the industry is facing and ongoing restrictions on the foodservice sector in many key markets.
BEEF EXPORTS UP 8%
Beef exports totaled 124,808 tonnes in March, up 9,500, or 8.24%, from 115,308 tonnes a year ago and the second largest of the post-BSE era, the USMEF said.
Beef export value in March broke the $800-million mark for the first time at $801.918 million, up $99.751 million, or 14.2%, from $702.167 last year, the USMEF said.
Beef muscle cut exports set new monthly records for volume at 98,986 tonnes, up 11,362, or 13.0%, from 87,624 tonnes a year ago and value of $718.308 million, up $102.881 million, or 16.7%, from $615.427 million a year ago.
For the first quarter, beef exports pulled near even with last year’s pace at 333,348 tonnes, below last year’s 334,703 tonnes by 1,355 tonnes, or 0.40%. They were valued at $2.124 billion, up $68 million, or 3.31%, from $2.056 billion, the USMEF said.
First-quarter beef muscle cut volume increased 9,029 tonnes, or 3.56%, to 262,914 tonnes from 253,885 tonnes a year ago, valued at $1.901 billion, up $97 million, or 5.38%, from $1.804 billion.
PORK EXPORTS RECORD LARGE
March pork exports were record large at 294,724 tonnes, up 1% from last year’s 291,459-tonne total, and set a new value record at $794.938 million, up 4%, from $764.191 million, the USMEF said.
Pork muscle cuts also set new monthly records for volume (247,660 tonnes, up 4,064, or 1.67%, from 243,592 tonnes a year ago) and value ($689.158 million, up $27.232 billion, or 4.11%, from $661.926 million a year ago), the USMEF said.
For the first quarter, pork exports were about 7%, below last year’s pace in volume and value. First-quarter volume was 782,620 tonnes, down 55,498, or 6.62%, from 838,118 tonnes last year. Value was $2.067 billion, down $163 million, or 7.31%, from $2.230 billion last year.
First-quarter pork muscle cuts followed a similar trend at 659,420 tonnes, down 48,759, or 7%, from 708,179 tonnes last year; they were valued at $1.786 billion, down $157 million, or 8.08%, from $1.943 billion.
CATTLE, BEEF RECAP
Fed cattle traded this week at $119 to $122 per cwt on a live basis, up $2 to $3 from last week. Dressed-basis trading was at $189 to $192.50, up $1 to $2.50.
The USDA choice cutout Tuesday was up $3.26 per cwt at $312.37, while select was up $2.58 at $296.34. The choice/select spread widened to $16.03 from $15.35 with 84 loads of fabricated product and 20 loads of trimmings and grinds sold into the spot market.
The USDA reported Tuesday that basis bids for corn from livestock feeding operations in the Southern Plains were up $0.01 a bushel at $1.05 to $1.19 over the May CBOT futures contract, which settled at $7.59 1/2 a bushel, up $0.11 1/2.
The CME Feeder Cattle Index for the seven days ended Monday was $130.45 per cwt up $0.30. This compares with Tuesday’s May contract settlement of $135.32 per cwt, down $0.12.