April US pork exports reached the highest volume and value since May 2021, according to data released by USDA and compiled by the US Meat Export Federation.
April also was a robust month for US beef exports, which were the largest in 10 months and valued at just under $900 million, the USMEF said in a release.
PORK EXPORTS SHINE
Fueled by a record performance in leading market Mexico, pork exports totaled 277,910 tonnes in April, up 34,121, or 14.0%, from 243,789 tonnes a year ago and the fifth largest on record, the USMEF said.
April’s pork export value climbed $118.772 million, or 18.0%, to $778.844 million from $660.072 million a year earlier, the third highest on record, the USMEF said.
For January through April, pork exports increased 8,052 tonnes, or 8.38%, to 1.041 million tonnes from 960,480 tonnes, valued at $2.887 billion, up $263.0 million, or 10.0%, from last year’s record pace of $2.624 billion.
Pork exports to Mexico reached new heights in April, climbing 34% from a year ago to a record 107,594 tonnes, as Mexico’s buying surged following the Easter holiday, the USMEF said. Export value soared 61% to $240.5 million – also a record.
For January through April, US pork exports to Mexico achieved double-digit growth over last year’s record pace, surging 11% in volume to 388,855 tonnes and 18% in value to $815.6 million, the USMEF said.
BEEF EXPORTS UP
April beef exports totaled 111,580 tonnes, up 164, or 0.15%, from 111,416 tonnes a year ago and the largest since June 2023, the USMEF said.
Beef export value increased $39.175 million, or 4.56%, to $898.680 million from $859.505 million, also the highest since June, the USMEF said.
Through the first four months of 2024, beef export value was up $171.0 million, or 5.32%, year-over-year to $3.383 billion from $3.212 billion, despite a decline in volume of 14,465 tonnes, or 3.30%, to 423,445 tonnes from 437,910 tonnes, the USMEF said.
Bolstered by strong foodservice and retail demand, April beef exports to Mexico climbed 46% from a year ago to 21,031 tonnes, the USMEF said. Export value increased 48% to $120.8 million – the highest since December 2020 and the seventh highest on record.
Coming off a strong rebound in 2023, January-April beef exports to Mexico increased 19% to 77,530 tonnes, while value jumped 24% to $454.3 million, the USMEF said. This included an outstanding performance for beef variety meat exports, which increased 23% from a year ago in volume to 40,490 tonnes and 16% in value to $108.7 million.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $186.37 per cwt to $186.79, compared with last week’s range of $186.00 to $191.52 per cwt. FOB dressed steers, and heifers went for $296.39 per cwt to $297.04, compared with $291.58 to $299.90.
The USDA choice cutout Monday was up $0.67 per cwt at $317.42 while select was off $0.10 at $301.04. The choice/select spread widened to $16.38 from $15.61 with 83 loads of fabricated product and 26 loads of trimmings and grinds sold into the spot market.
The weighted average USDA listed wholesale price for fresh 90% lean beef was $360.06 per cwt, and 50% beef was $72.97.
The USDA said basis bids for corn from feeders in the Southern Plains were up $0.04 at $1.46 to $1.56 a bushel over the Jul corn contract, which settled at $4.51 3/4 a bushel, up $0.03.
No delivery intentions were posted Monday for the Jun live cattle futures contract.
The CME Feeder Cattle Index for the seven days ended Friday was $252.88 per cwt, up $1.68. This compares with Monday’s Aug contract settlement of $258.65, up $3.72.