November exports of US red meat posted year-over-year gains across all categories, according to data released by the USDA and compiled by the US Meat Export Federation.
US pork exports remained on a record pace, while beef and lamb shipments increased substantially from November 2023, the USMEF said in a release.
PORK EXPORTS ON A TEAR
Pork exports totaled 272,141 tonnes in November, up 13,540, or 5.24%, from 258,601 a year ago, while export value increased $45.551 million, or 6.17%, to $782.974 million from $737.423 million a year ago, the USMEF said.
Those results included an especially strong month for pork muscle cut exports, which increased 12,793 tonnes, or 6.13%, to 221,652 tonnes from 208,859 last year, the USMEF said. Muscle cut export value was the third highest on record at $671.368 million, up $45.582 million, or 7.28%, from $625.786 last year.
Through the first 11 months of 2024, pork exports were up 121,000 tonnes, or 4.59%, year-over-year in volume to 2.759 million tonnes from 2.638 million and $460 million, or 6.22%, in value to $7.854 billion from $7.394 billion, the USMEF said.
When December results are available, exports were expected to exceed three million tonnes for the first time, topping the previous high of 2.98 million tonnes reached in 2020, the USMEF said. Export value could exceed $8.5 billion, easily surpassing the 2023 record of $8.16 billion.
BEEF EXPORTS UP 10%
November beef exports increased 10,259 tonnes, or 10.4%, year-over-year to 109,288 tonnes from 99,029 tonnes, the USMEF said, while value climbed $86.464 million, or 11.0%, to $872.665 million from $786.201 million.
For January through November, beef exports increased $449 million, or 4.93%, in value to $9.557 billion from $9.108 billion in the same period in 2023, despite a decline of 9,000 tonnes, or 0.76%, in volume to 1.175 million tonnes from 1.184 million.
Beef exports to leading value market South Korea reached 21,499 tonnes in November, up 20% year-over-year and the largest since March, the USMEF said. Export value increased 29% to $207.7 million, also the highest since March.
For January through November, exports to South Korea achieved a 5% increase in value to $2.01 billion despite a 7% decline in volume to 210,282 tonnes.
While that was the third straight month of renewed momentum for US beef in the South Korean market, the outlook for December was cloudy as Korea has been mired in political turmoil and the won recently weakened to its lowest level in 15 years versus the US dollar, the USMEF said.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $201.75 per cwt to $201.87, compared with last week’s range of $197.00 to $201.40 per cwt. FOB dressed steers, and heifers went for $312.04 per cwt to $313.48, compared with $304.49 to $315.25.
The USDA choice cutout Monday was up $0.51 per cwt at $333.35 while select was up $3.43 at $317.57. The choice/select spread narrowed to $15.78 from $18.70 with 93 loads of fabricated product and 24 loads of trimmings and grinds sold into the spot market.
The USDA-listed weighted average wholesale price for fresh 90% lean beef was $340.59 per cwt, and 50% beef was $112.28.
The USDA said basis bids for corn from feeders in the Southern Plains were down $0.03 to $0.05 at $1.20 to $1.35 a bushel over the Mar corn contract, which settled at $4.76 1/2, up $0.16.
The CME Feeder Cattle Index for the seven days ended Friday was $277.30 per cwt, down $1.25. This compares with Monday’s Jan contract settlement of $271.85, down $0.50.