June pork exports fell below year-ago levels for the first time this year but first-half shipments remained on a record pace for 2020, according to data released by the USDA and compiled by the US Meat Export Federation.
June beef exports were down sharply from a year ago, reflecting the lingering effect of slower production combined with restrictions on foodservice and weakening economies in major import markets, the USMEF said.
PORK EXPORT VOLUME, VALUE DOWN
June pork exports totaled 207,181 tonnes, down 5,706, or 2.69%, from 212,887 tonnes a year ago, while export value fell $52.943 million, or 9.30%, to $516.266 million from $569.209 million.
Pork exports continued to trend higher than a year ago to China/Hong Kong, but were the lowest since October, the USMEF said. Exports also increased year-over-year to the ASEAN region, the Caribbean, Honduras and Taiwan and were sharply higher for Albania and Ukraine. But shipments trended lower to Mexico, Japan, South Korea and South America.
Despite the June decline, first-half pork exports of 1.553 million tonnes still were 305,259 tonnes, or 24.5%, ahead of last year’s record pace of 1.248 million, the USMEF said. With a value of $4.049 billion, first-half value was $906.545 million, or 28.8%, more than $3.143 billion in the same period last year.
June exports accounted for 24% of total pork production and 22.2% of muscle cuts, down substantially from a year ago (27.8% and 24%, respectively), the USMEF said. For the first half of the year, exports accounted for 31.5% of total production and 28.6% for muscle cuts, up from 25.8% and 22.4%, respectively.
Export value per head slaughtered averaged $46.19 in June, down 19% from a year ago and down sharply from April and May, the USMEF said. The January-June average was $63.61 per head, up 27% from a year ago.
BEEF EXPORT VOLUME, VALUE DOWN
June beef exports were close to the May lows, down 39,664 tonnes, or 33.4%, from a year ago to 79,013 tonnes from 118,677 tonnes, the USMEF said. The value fell $232.506 million, or 32.1%, to $492.275 million from $724.781 million.
June beef exports were below year-ago levels to most markets but trended higher to Canada, China and South Africa, the USMEF said.
For January through June, beef exports of 591,609 tonnes fell 57,156 tonnes, or 8.81%, from last year’s pace of 648,765 and lost $399.467 million, or 9.92%, in value, falling to $3.629 billion from $4.028 billion, the USMEF said.
Exports accounted for 9.7% of total beef production in June and 8% for muscle cuts, down sharply from a year ago (15.4% and 12.7%, respectively) and the lowest in 10 years, the USMEF said. First-half exports accounted for 13.3% of total beef production and 10.9% for muscle cuts, down from 14.2% and 11.6%, respectively, from last year.
Beef export value per head of fed slaughter averaged $219.53 in June, down 32% year-over-year, the USMEF said. The first-half average was $300.43 per head, down 4%.
CATTLE, BEEF RECAP
Fed cattle trading was reported last week at $99 to $103 per cwt on a live basis, up $2 to $5.50 from the previous week. Dressed-basis trading was done at $163 to $164 per cwt, up $3 to $4.
The USDA choice cutout Friday was up $0.81 per cwt at $205.47, while select was up $0.74 at $192.75. The choice/select spread widened to $12.72 from $12.65 with 79 loads of fabricated product sold into the spot market.
The CME Feeder Cattle index for the seven days ended Thursday was $141.92 per cwt, up $1.13. This compares with Friday’s Aug contract settlement of $142.72, down $0.75.