March exports of US pork were among the largest on record, concluding a very strong first quarter, according to data released by the USDA and compiled by the US Meat Export Federation.
While March beef exports were below last year – largely because of the ongoing lockout by China – the value of beef variety meat shipments reached a monthly high, surpassing the previous record from January, the USMEF said in a release.
PORK EXPORTS RISE
March pork exports totaled 285,567 tonnes, up 16,567 tonnes, or 6.02%, from 269,344 tonnes a year ago, the largest in five years and the third largest on record, the USMEF said. Export value increased $33.551 million, or 4.36%, to $803.212 million from $769.661 million, the second highest on record, trailing only April 2021.
March exports increased year-over-year to leading market Mexico, as well as to Japan, Central America, the Dominican Republic, the Philippines and Taiwan, the USMEF said. Shipments were steady to South Korea and Canada. Exports are on a record pace to Mexico and Central America.
March was an outstanding month for export value per head slaughtered, which was the third highest on record at $72.93, the USMEF said.
Through the first quarter, pork exports were 24,451 tonnes, or 3.24%, more than last year’s pace in volume at 778,939 tonnes, versus 754,488 tonnes and value at $2.174 billion, up $65 million, or 3.08%, from $2.109 billion, the USMEF said.
BEEF EXPORTS DOWN 11%
March beef exports totaled 97,731 tonnes, down 11,599, or 10.6%, from 109,330 tonnes a year ago, while value fell $77.275 million, or 8.38%, to $844.680 million from $921.955 million, the USMEF said.
Shipments increased year-over-year to Mexico, Central and South America, the Caribbean and Indonesia and were steady to South Korea and Taiwan, the USMEF said. But these results were offset by minimal exports to China, and exports also were less than last year to Japan and the Middle East.
Excluding China, March exports were 4% more than last year’s volume and increased 8% in value, the USMEF said.
The March export results included 29,062 tonnes of beef variety meat, up 24% from a year ago and the largest since 2017, the USMEF said. Variety meat export value increased 50% to $135.6 million, the highest on record.
March was a very robust month for per-head export value, which equated to $456.56 per head of fed slaughter, the USMEF said.
Through the first quarter, beef and beef variety meat exports totaled 275,355 tonnes, down 35,013 tonnes, or 11.3%, from 310,368 tonnes a year ago, while value fell $180,000, or 7.12%, to $2.347 million from $2.527 million, the USMEF said. Excluding China from these results, exports were 3% higher than a year ago in volume and increased 9% in value.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $246.25 per cwt to $259.00, compared with last week’s range of $246.00 to $250.77 per cwt. FOB dressed steers and heifers went for $388.77 per cwt to $402.31, compared with $385.81 to $392.76.
The USDA choice cutout Thursday was down $2.68 per cwt at $386.94 while select was off $5.21 at $384.42. The choice/select spread reinverted to a plus $2.52 from a minus $0.01 with 76 loads of fabricated product and 31 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $460.46 per cwt, and 50% beef was $179.73.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.08 to $1.20 a bushel over the Jul corn contract, which settled at $4.67 1/2 a bushel, down $0.01.
The CME Feeder Cattle Index for the seven days ended Wednesday was $372.29 per cwt, down $2.90. This compares with Thursday’s May contract settlement of $366.32, down $6.07.