Following a record-breaking March performance, US beef and pork exports continued to build momentum in April, according to data released by USDA and compiled by the US Meat Export Federation.
“Looking back at April 2020, it was a difficult month for red meat exports as we began to see COVID-related supply chain interruptions and foodservice demand took a major hit in many key markets,” said USMEF President and CEO Dan Halstrom, in a USMEF release. “While it is no surprise that exports performed much better in April 2021, we are pleased to see that global demand continued to build on the broad-based growth achieved in March.”
Halstrom cautioned, however, that the COVID-19 pandemic was still a major concern for the US meat industry, adding uncertainty to the business climate in many export destinations. Logistical challenges, including container shortages and ongoing vessel congestion at many US ports, also present significant obstacles for red meat exports.
BEEF EXPORTS SET VALUE RECORD
April US beef exports set another new value record at $808.326 million, up $207.446 million, or 34.5%, from $600.880 million a year ago, with export volume reaching 121,050 tonnes, up 22.437 tonnes, or 22.8%, from 98.613 tonnes a year ago and the fifth largest on record.
For beef muscle cuts, exports were the third largest ever at 94,656 tonnes, up 16,569, or 21.2%, from 78,087 tonnes last year, valued at a record $726.709 million, up $192.584 million, or 36.1%, from $534.125 million.
For January through April, beef exports moved 21,082 tonnes, or 4.64% ahead of last year’s pace at 454,398 tonnes from 433,316 tonnes, with value up $276.00 million, or 9.41%, to $2.933 billion from $2.657 billion. Beef muscle cut exports were up 25,598 tonnes, or 7.71%, to 357,570 tonnes from 331,972 tonnes, valued at $2.627 billion, up $289 million, or 12.4%, from $2.338 billion last year.
PORK EXPORTS SIXTH LARGEST APRIL
April pork exports were the sixth largest on record at 269,918 tonnes, up 5,870, or 2.22%, from 264,048 a year ago. Export value was $749.164 million, up $66.341 million, or 9.72%, from $682.823 million and the fourth highest on record.
Pork muscle cuts for the month followed a similar trajectory, increasing 5,919 tonnes, or 2.71%, in volume to 224,179 tonnes from 218,260 tonnes and $59.800 million, or 10.3%, in value to $641.651 million from $581.851 million.
Through April, pork exports were 49,000 tonnes, or 4.45%, below last year at 1.053 million tonnes from 1.102 million, valued at $2.816 billion, down $96.0 million, or 3.30%, from $2.912 billion. Pork muscle cut exports were down 5% to 883,599 tonnes, valued at $2.430 billion, down 4%.
CATTLE, BEEF RECAP
Fed cattle traded last week at $119 to $123 per cwt on a live basis, down $0.50 to up $3 from the previous week. Dressed-basis trading was at $189 to $193, down $1 to up $2.
The USDA choice cutout Monday was down $2.09 per cwt at $375.47, while select was off $1.80 at $303.41. The choice/select spread narrowed to $32.06 from $32.35 with 60 loads of fabricated product and 20 loads of trimmings and grinds sold into the spot market.
The USDA reported Monday that basis bids for corn from livestock feeding operations in the Southern Plains were unchanged at $1.00 to $1.07 a bushel over the Jul futures and for southwest Kansas were unchanged at $0.70 over Jul, which settled at $6.59 1/4 a bushel, down $0.25 1/4.
The CME Feeder Cattle Index for the seven days ended Friday was $139.61 per cwt down $0.62. This compares with Monday’s Aug contract settlement of $154.60 per cwt, up $3.42.