September exports of pork and beef were higher year over year, according to data released by the USDA and compiled by the US Meat Export Federation, with pork exports well positioned to set annual volume and value records in 2024, a USMEF release said.
PORK EXPORTS NEAR RECORD
September pork exports totaled 238,047 tonnes, up 16,907, or 7.65%, from 221,140 tonnes a year ago, while value increased $41.327 million, or 6.42%, to $685.060 million from $643.733 million, the USMEF said.
Through the first three quarters of the year, pork exports were 101,000 tonnes, or 4.52%, more than last year’s pace at 2.235 million tonnes from 2.134 million, with value up $393.0 million, or 6.59%, to $6.361 billion from $5.968 billion, the USMEF said.
September pork exports to leading market Mexico totaled 91,492 tonnes, up 3% from a year ago, though value edged slightly lower to $206.6 million, the USMEF said. Exports to Mexico remained on a record pace through September, climbing 7% in volume (850,204 tonnes) and 12% in value ($1.89 billion).
With a strong fourth quarter, export value to Mexico were expected to exceed $2.5 billion, which is in line with the USMEF’s forecast, the release said.
Exports to Mexico currently equate to nearly $20 for every US hog slaughtered, the USMEF said.
SEPTEMBER BEEF EXPORTS UP
US beef exports totaled 103,980 tonnes in September, up 5,223, or 5.29%, from 98,757 tonnes last year, while export value climbed $48.310 million, or 5.73%, to $843.771 million from $795.461 million, the USMEF said.
January-September beef exports increased $338.0 million, or 54.52%, in value to $7.824 billion from $7.486 billion, despite volume falling 19,286 tonnes, or 1.97%, to 960,814 tonnes from 980,100 tonnes.
Mexico also was the leading volume market for US beef exports in September, with shipments climbing 20% from a year ago to 19,692 tonnes. Export value was 19% more than last year at $112.1 million.
January-September exports to Mexico were up 13% to 173,283 tonnes, while value increased 17% to more than $1 billion, the USMEF said. This included 92,465 tonnes of variety meat, up 17% year over year, while the value of these items increased 10% to just under $250 million. This included about $73 million of beef tripe, $69 million of lips and $34 million of hearts.
September beef exports to Japan totaled 19,249 tonnes, up 10% from a year ago, while value increased 6% to $145.8 million. Through September, exports to Japan were slightly ahead of last year’s pace at 188,885 tonnes (up 1%), while value climbed 5% to $1.46 billion.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $189.73 per cwt to $197.20, compared with last week’s range of $189.82 to $200.00 per cwt. FOB dressed steers, and heifers went for $298.86 per cwt to $302.65, compared with $294.97 to $301.45.
The USDA choice cutout Wednesday was down $1.62 per cwt at $315.59 while select was down $2.04 at $283.20. The choice/select spread widened to $32.39 from $31.97 with 95 loads of fabricated product and 36 loads of trimmings and grinds sold into the spot market.
The USDA-listed weighted average wholesale price for fresh 90% lean beef was $338.79 per cwt, and 50% beef was $74.72.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.40 to $1.56 a bushel over the Dec corn contract and unchanged in Kansas at $0.25 over Dec, which settled at $4.26 1/4 a bushel, up $0.07 3/4.
The CME Feeder Cattle Index for the seven days ended Tuesday was $250.72 per cwt, down $0.01. This compares with Wednesday’s Nov contract settlement of $247.70, up $1.55.