US beef exports set annual records for volume and value in 2022, according to year-end data released by the USDA and compiled by the US Meat Export Federation.
Pork exports finished lower year-over-year, but the value was the third largest on record, trailing only the highs reached in 2020 and 2021, the USMEF said in a release. Pork exports continued to gain momentum in December, led by another outstanding performance in Mexico.
BEEF EXPORTS STRONG
Despite slowing toward the end of the year, 2022 beef exports reached 1.474 million tonnes, up 34,000, or 2.36%, from the previous high of 1.440 million in 2021, the USMEF said. The year’s export value climbed to a record $11.683 billion, up $1.105 billion, or 10.4%, from 2021’s $10.578 billion and nearly 40% above the previous five-year average.
The US exported a record share of its record-large beef production in 2022, and at higher prices, the USMEF said. Beef exports achieved annual records in many individual markets, including South Korea, China/Hong Kong, Taiwan, the Philippines, Singapore, Colombia, Guatemala and the Dominican Republic.
In December, beef exports trended lower than a year earlier at 112,707 tonnes, down 8,722, or 7.18%, from 121,429, while value fell $209.268 million, or 21.1%, to $782.562 million from, $991.830 million, the USMEF said.
The December decline was linked in part to a sharp drop in exports to China/Hong Kong, where demand had been constrained by persistent zero-COVID policies, the USMEF said. China lifted most COVID restrictions in early December and resumed some international travel in early January. Along with the recent easing of COVID-related cold chain regulations and inspections, these changes offer a more optimistic demand outlook for 2023.
PORK EXPORTS FINISH STRONG
Pork exports finished 2022 on a decidedly upward trajectory as December shipments reached 244,718 tonnes, up 28,846, or 13.4%, from 215,872 tonnes a year earlier and the second largest of 2022, slightly less than November’s 245,663 tonnes, the USMEF said.
December pork export value climbed $82.970 million, or 13.7%, to $687.269 million from, $604.299 million a year earlier, the USMEF said. These results pushed 2022 exports to 2.672 million tonnes, down 250,000, or 8.56%, from 2.922 million a year earlier, while export value was $7.677 billion, down $430 million, or 5.30%, from $8.107 billion, the record achieved in 2021.
Pork exports to Mexico ended 2022 on a very high note, setting a volume record in December on the way to a record-breaking year, the USMEF said. December exports also trended higher year-over-year to China/Hong Kong, the Dominican Republic, the Philippines and Australia and set a value record in Central America.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $156.00 to $159.58 per cwt, compared with last week’s range of $155.57 to $157.50. FOB dressed steers, and heifers went for $244.52 to $251.52 per cwt, versus $244.42 to $249.79.
The USDA choice cutout Thursday was up $2.09 per cwt at $269.29 while select was up $0.85 at $254.01. The choice/select spread widened to $15.28 from $14.04 with 84 loads of fabricated product and 20 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.57 to $1.70 a bushel over the Mar corn contract. Bids in Kansas were steady at $0.75 over Mar, which settled at $6.70 3/4 a bushel, down $0.07 3/4.
Ten steer contracts were tendered for delivery Thursday.
The CME Feeder Cattle Index for the seven days ended Wednesday was $182.53 per cwt, up $0.24. This compares with Thursday’s Mar contract settlement of $186.82 per cwt, up $0.37.