US pork exports concluded an excellent first half with another strong performance in June, according to data released by USDA and compiled by the US Meat Export Federation.
While well below the record pace established in 2022, June beef exports topped $900 million in value, pushing first-half export value to nearly $5 billion, the USMEF said in a release.
PORK EXPORTS UP 12%
June pork exports totaled 245,964 tonnes, up 26,833, or 12.2%, from 219,131 a year ago, while export value climbed $41.559 million, or 6.01%, to $691.412 million from $649.853 million, the USMEF release said.
Through the first half of 2023, pork exports were 181 million tonnes, or 14.1%, more than last year’s pace of 1.287 million, at 1.468 million tonnes, valued at $4.046 billion, up $428 million, or 11.8%, from $3.618 billion.
“Mexico is certainly the 2023 pacesetter for US pork exports, but what’s really exciting is that the industry is achieving such broad-based growth internationally,” said Dan Halstrom, USMEF president, in the release. “Exports are making impressive gains in the Western Hemisphere and reclaiming market share in many Asia-Pacific markets, and US pork is well positioned to continue gaining momentum in the second half.”
June pork exports to Mexico climbed 19% from a year ago to 85,853 tonnes, while value increased 8% to $179.4 million, the USMEF said. These results kept first-half exports on a record-shattering pace of 532,934 tonnes, up 14% from a year ago, while value increased 21% to $1.07 billion.
BEEF EXPORTS DOWN FROM RECORD 2022
Beef exports totaled 115,107 tonnes in June, down 15,531, or 11.9%, from 130,638 tonnes a year ago and slightly below the May volume of 116,159 tonnes, the USMEF said. June export value was $909.474 million, down $141.526 million, or 13.5%, from $1.051 billion last year but the highest since October and about 4% more than May’s posted value of $874.720 million.
First-half beef exports were 74,728 tonnes or 10.0%, less than last year’s record pace of 743,904 tonnes at 669,176 tonnes, the USMEF said. Export value of $4.996 billion was down $1.195 billion, or 19.3%, from $6.191 billion a year ago but still about 8% more than the first half of 2021.
“It was a challenging first half for beef exports, especially when compared to the blistering pace established a year ago,” Halstrom said. “But we are encouraged to see that exports are still accounting for a consistently high percentage of total beef production, and variety meat exports have held up very well considering the decline in US slaughter. These metrics continue to illustrate the important contribution of exports in maximizing beef carcass value.”
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $180.00 per cwt to $190.97, compared with last week’s range of $174.90 to $189.24 per cwt. FOB dressed steers, and heifers went for $282.49 per cwt to $289.65, compared with $283.11 to $292.33
The USDA choice cutout Thursday was down $1.49 per cwt at $302.03 while select was off $0.34 at $277.80. The choice/select spread narrowed to $24.23 from $25.38 with 86 loads of fabricated product and 22 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were steady at $1.85 to $2.05 a bushel over the Sep corn contract, which settled at $4.83 1/4 a bushel, up $0.02 1/4.
No contracts were tendered for delivery against the Aug cattle contract Thursday.
The CME Feeder Cattle Index for the seven days ended Wednesday was $245.42 per cwt, up $0.46. This compares with Thursday’s Aug contract settlement of $248.00 per cwt, up $0.85.