US beef and pork exports trended lower in May, primarily because of steep declines in shipments to China, according to data released by USDA and compiled by the US Meat Export Federation.
In April and the first half of May, China’s total tariff rate on US pork peaked at 172%, while the rate for U. beef was 147%, the USMEF said in a release. Even following a May 14 joint announcement temporarily easing tariffs for 90 days, China’s rates still stand at 57% for US pork and 32% for US beef.
In addition, most US beef production is ineligible because of China’s failure – since February – to renew expiring beef plant and cold storage facility registrations, the USMEF said.
PORK EXPORTS DOWN
May pork exports totaled 224,162 tonnes, down 11% from 251,447 tonnes a year ago, while value fell 10% to $646.455 million from $715.782 million, the USMEF said. These were the lowest monthly totals since September 2023.
Through the first five months of the year, pork exports were down 6% in volume to 1.215 million tonnes from 1.292 million and 5% in value to $3.431 billion from 2024’s record pace of $3.603 billion.
Pork exports to leading market Mexico performed well in May, climbing 7% from a year ago to 97,697 tonnes, the USMEF said. Export value also was up 7% to $216 million, the highest since January.
Those results pushed January-May exports to Mexico to 483,541 tonnes, up 1% from last year’s record pace, while export value increased 3% to $1.05 billion.
BEEF EXPORTS ALSO DOWN
May beef exports totaled 97,266 tonnes, down 12% from 110,133 last year and the lowest in nearly five years, the USMEF said. Export value was $798.738 million, down 11.5% from $902.389 million and the lowest in 18 months.
January-May beef exports of 508,293 tonnes were down 5% from last year’s pace of 533,627 tonnes, while value declined 3% to $4.150 billion from $4.285 billion.
US beef posted an excellent May performance in leading market South Korea, with exports climbing 40% from a year ago to 25,228 tonnes, the largest since March 2023, the USMEF said. Export value reached $233 million, up 39% and the highest since June 2022.
Those results pushed January-May exports to South Korea to 106,867 tonnes, up 10% from the same period last year, with value up 12% to $1.02 billion, the USMEF said.
The USMEF said reinforcing and expanding demand in South Korea is especially critical in light of the obstacles in China, particularly for cuts that command a premium in the Asian markets.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $227.05 per cwt to $227.94, compared with last week’s range of $225.63 to $236.67 per cwt. FOB dressed steers, and heifers went for $355.17 per cwt to $357.43, compared with $353.56 to $365.67.
The USDA choice cutout Monday was up $1.23 per cwt at $390.98 while select was off $0.91 at $377.53. The choice/select spread widened to $13.45 from $13.31 with 70 loads of fabricated product and 24 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $411.10 per cwt, and 50% beef was $262.75.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.30 to $1.35 a bushel over the Sep corn contract, which settled at $4.03 1/2, down $0.16 3/4.
The CME Feeder Cattle Index for the seven days ended Thursday was $311.96 per cwt, up $0.13. This compares with Friday’s Aug contract settlement of $313.72, up $4.22.