US pork and beef exports were above year-ago levels in volume and value in June, according to data released by the USDA and compiled by the US Meat Export Federation.
Led by a rebound in Mexico and China, pork export value was the highest in 14 months, while strong results in South Korea and Taiwan pushed beef export value to the fourth-highest total on record, the USMEF said.
PORK EXPORTS POST DOUBLE-DIGIT GAINS
June pork exports posted double-digit gains in volume and value, reaching 212,887 tonnes, up 21,584, or 11.3%, from 191,303 tonnes last year, valued at $569.209 million, up $58.830 million, or 11.5%, from $510.379 million.
For the first half of 2019, pork exports remained 2% below last year in volume at 1.25 million tonnes and were down 6% in value to $3.14 billion.
Pork export value averaged $56.99 per head slaughtered in June, up 7% from a year ago and the highest monthly average since April 2018, the USMEF said. First-half export value averaged $50.05 a head, down 9% from the same period last year.
June exports accounted for 27.8% of total US pork production and 24% for muscle cuts only, up from 25.8% and 22.4%, respectively, a year ago, the USMEF said. For January through June, exports accounted for 25.8% of total pork production, down from 27.3%, and 22.4% for muscle cuts, down from 23.6%.
Entering duty-free for the first time in nearly a year, June exports to Mexico were the largest since January at 59,837 tonnes, while value climbed 13% to $119 million – the highest since April 2018.
BEEF EXPORTS UP 3%
Beef exports were up 2,959 tonnes, or 2.56%, year-over-year in June to 118,677 tonnes from 115,718 tonnes, the USMEF said. Export value, at $724.781 million, increased just $6.361 million, or 0.89%, from $718.420 million a year ago but trailed only August 2018, May 2019 and October 2018 for the highest monthly value total on record.
First-half beef exports were down 2% from a year ago in volume at 648,765 tonnes but held steady with last year’s record value pace at $4.03 billion.
Beef export value per head of fed slaughter averaged $325.10 in June, up 4% from a year ago, while first-half export value averaged $312.06 per head, down 2%, the USMEF said.
June exports accounted for 15.4% of total US beef production, up nearly a full percentage point from last year, the USMEF said.
For muscle cuts only, exports accounted for 12.7% of production, up from 12.3% last year and the highest ratio since July 2018, the USMEF said. For the first half of the year, exports accounted for 14.2% of total production and 11.6% for muscle cuts, down from 14.6% and 11.9%, respectively, a year ago.
CATTLE, BEEF RECAP
Cash cattle traded in Iowa Monday at $114 per cwt on a live basis, steady to down $2 from last week.
Cattle traded in the Plains last week at $111 per cwt on a live basis, down $1 from the previous week, and at $114 to $116 in Nebraska, steady to down $1. Dressed-basis trading occurred at $183 to $185 per cwt, steady to up $2.
The USDA choice cutout Tuesday was up $1.08 per cwt at $215.78, while select was up $0.98 at $192.65. The choice/select spread widened to $23.13 from $23.03 with 85 loads of fabricated product sold into the spot market.
No cattle were tendered for delivery against the Aug contract Tuesday.
The CME Feeder Cattle index for the seven days ended Monday was $141.61 per cwt, unchanged from the previous day. This compares with Tuesday’s Aug contract settlement of $139.97, down $0.55.