Led by a record-shattering performance in Mexico and broad-based growth in other markets, US pork exports set a value record in 2023, according to year-end data released by the USDA and compiled by the US Meat Export Federation.
While 2023 beef exports were less than the record totals posted in 2022, December exports were the largest since August, and December export value increased about 10% year-over-year, a USMEF release said.
PORK EXPORTS CLIMB
December pork exports climbed 23,258 tonnes, or 8.67%, from a year ago to 268,399 tonnes from 245,141 tonnes, the largest since May 2021 and the eighth largest on record, the USMEF said. Export value increased $77.139 million, or 11.2%, to $765.827 million from $688.688 million, also the highest since May 2021 and the third highest on record.
The strong December results pushed 2023 export value to a record $8.159 billion, up $461 million, or 5.99%, from $7.698 billion in 2022, the USMEF said. The total volume of pork exported last year came to 2.907 million tonnes, up 223,000, or 8,31%, from 2.684 million a year earlier.
Export value per head slaughtered also set an annual record of nearly $64, the USMEF said.
While December pork exports trended higher in many key markets, Mexico was once again the star performer, setting records for volume at 105,451 tonnes and value, at $233.8 million, topping the previous record set in November by about 6%.
BEEF EXPORTS END WELL
December exports of US beef totaled 108,497 tonnes, down 4,194, or 3.72%, from 112,691 tonnes a year earlier but were the largest since August, the USMEF said. Export value also was the highest since August and climbed %77.325 million, or 9.87%, year-over-year to $860.843 million from $783.518 million.
2023 beef exports totaled 1.292 million tonnes, down 185,000, or 12.5%, from the 2022 record of 1.477 million, the USMEF said. While export value fell $1.739 billion, or 14.9%, to $9.969 billion from $11.708 billion, this still was the third highest annual value for beef exports.
Mexico’s demand for US beef continued to strengthen in December, with shipments increasing 14% from a year ago to 21,325 tonnes, the USMEF said. Export value climbed 19% to $111.9 million.
With interest in US beef soaring among retail and foodservice customers, 2023 exports increased 14% to 210,567 tonnes, the highest since 2019, while value surged 23% to $1.19 billion, the second highest value on record, the USMEF said.
While Mexico was an outstanding market for beef muscle cuts, especially those derived from the round and chuck, it also was the leading volume destination for variety meat, the USMEF said. In 2023, variety meat exports increased 16% year-over-year to 109,084 tonnes, while value increased 19% to $318 million.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $182.60 per cwt to $182.78, compared with last week’s range of $175.15 to $182.00 per cwt. FOB dressed steers, and heifers went for $286.12 per cwt to $286.33, compared with $275.52 to $286.37.
The USDA choice cutout Monday was up $0.04 per cwt at $294.08 while select was up $1.94 at $287.02. The choice/select spread narrowed to $7.06 from $8.96 with 52 loads of fabricated product and 37 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 $1.35 to $1.45 a bushel over the Mar corn contract, which settled at $4.30 1/2 a bushel, up $0.01 1/2.
No delivery intentions were posted Monday for the Feb live cattle contract.
The CME Feeder Cattle Index for the seven days ended Friday was $246.06 per cwt, up $3.01. This compares with Monday’s Mar contract settlement of $248.82, up $1.67.