September’s US beef exports were nearly steady with last year in volume, although the value of those exports trended lower, according to data released by USDA and compiled by the US Meat Export Federation.
In a release, the USMEF also said September pork exports were above year-ago levels but pulled back from the large totals posted in June, July and August.
BEEF EXPORTS HOLD
September beef exports totaled 109,799 tonnes, down only 361 tonnes, or 0.33%, from last year’s 110,160 tonnes, the USMEF said. They were valued at $661.343 million, down $26 million, or 3.78%, from $687.086 million last year.
Through the first three quarters of the year, beef exports of 991,325 tonnes were 18,135 tonnes, or 1.80% below last year’s record pace of 1.009 million tonnes, the USMEF said. The nine-month value of $6.100 billion also was below the $6.195 billion record for the same period last year by $94.888 million, or 1.53%.
Beef export value per head of fed slaughter averaged $318.54 in September, up significantly from the previous month but still 5% below last year, the USMEF said. The January-September average was down 3% to $310.77.
September beef exports accounted for 14.6% of total US production and 11.9% for muscle cuts only, down from 14.8% and 12.4%, respectively, last year, the USMEF said.
Through the first three quarters of the year, beef exports accounted for 14.3% of total beef production and 11.6% for muscle cuts, down from 14.6% and 12.1%, respectively, in 2018, the USMEF said.
Beef exports to leading market Japan continue to reflect the tariff rate gap between US beef and its competitors, the USMEF said. September exports were 14% below last year in both volume (24,041 tonnes) and value ($148.3 million).
SEPTEMBER PORK EXORTS UP
September pork exports rose 22,825 tonnes, or 12.7% from a year ago to 202,248 tonnes from 179,423, the USMEF said. They also rose in value to $532.172 million from $470.187 million, a gain of $61.985 million, or 13.2%.
Those results pushed January-September export volume by 91,921 tonnes, or 5.07%, ahead of last year’s 1.813 million tonnes to 1.905 million, while value increased $87.478 million, or 1.83%, to $4.887 billion from $4.790 billion, the USMEF said.
Pork export value averaged $49.98 per head slaughtered in September, up 3% from a year ago, the USMEF said. For January through September, the per-head average was down 2% to $51.50.
September exports accounted for 25.1% of total US pork production, the USMEF said, slightly higher than a year ago and 21.7% for muscle cuts only, which was down slightly.
January-September exports accounted for 26.3% of total pork production and 22.8% for muscle cuts, both up slightly from a year ago, the USMEF said.
Since Mexico removed its 20% retaliatory duty on US pork in late May, exports have rebounded significantly but not yet to the record-large, pre-tariff levels posted in 2017 and early 2018, the USMEF said.
CATTLE, BEEF RECAP
Cash cattle trading took place last week at mostly $112 up to $114 per cwt on a live basis, up about $3 from last week. Dressed-basis trading was reported at $180 per cwt, up $5 to $6 from the previous week.
The USDA choice cutout Wednesday was up $1.09 per cwt at $237.14, while select was up $1.71 at $211.15. The choice/select spread narrowed to $25.61 from $26.23 with 92 loads of fabricated product sold into the spot market.
The CME Feeder Cattle index for the seven days ended Tuesday was $146.26 per cwt, up $0.02 from the previous day. This compares with Wednesday’s Nov contract settlement of $146.80, down $1.05.