August US pork exports were about steady year-over-year, led by another tremendous performance in Mexico, according to data released by USDA and compiled by the US Meat Export Federation.
Beef exports were well below the large totals posted in August 2022 but showed gains over July results, the USMEF said in a release.
PORK EXPORTS ABOUT STEADY
August pork exports totaled 226,519 tonnes, up 226, or 0.10%, from 226,293 last year, while export value fell $10.133 million, or 1.54%, to $649.496 million from $659.629 million.
Through the first eight months of 2023, pork exports were 192,000 tonnes, or 11.2%, above last year’s pace at 1.913 million tonnes from 1.721 million, valued at $5.324 billion, up $492.0 million, or 8.60%, from $4.902 billion.
Pork exports to Mexico continued to drive toward a new annual record in August, the USMEF said. Volume increased 12.5% year-over-year to 91,297 tonnes, while export value was up 9% to a record-high $211.7 million.
Through August, pork exports to Mexico topped last year’s record pace by 14%, reaching 705,312 tonnes, while export value climbed 18% to $1.47 billion, the USMEF said. This includes a sharp increase in pork variety meat exports, which soared by 45% in volume (104,580 tonnes) and 43% in value ($189.6 million).
Demand for US pork also trended higher in the Dominican Republic, where August exports increased 26% from a year ago to 6,215 tonnes, valued at $17.9 million (up 28%), the USMEF said. Through August, exports to the DR were on a record pace at 66,733 tonnes, up 26% from a year ago, valued at $181.3 million (up 34%).
BEEF EXPORTS DOWN
August beef exports totaled 109,000 tonnes, down 24,832, or 18.6%, from 133,832 last year – when export volume was the second highest on record – but a 6% increase over July.
August export value was $883.879 million, down $152.509 million, or 14.7%, from $1.036 billion last year but 9% above July.
For January through August, beef exports of 881,343 tonnes trailed last year’s record pace of 1.004 million tonnes by 12,296 tonnes, or 12.2%, in volume. They also fell behind in value at $6.691 billion, down $1.542 billion, or 18.7%, from $8.233 billion last year.
U.S. beef exports to Mexico continued to trend higher in August, with shipments increasing 16% from a year ago to 18,674 tonnes, the USMEF said. Export value increased even more dramatically, climbing 35% to $110.9 million – the highest since December 2020.
Through August, beef exports to Mexico were 17% more than last year at 136,508 tonnes, valued at $773.5 million (up 25%).
Beef exports to Guatemala were the second highest on record in August (1,038 tonnes, including nearly 1,000 tonnes of muscle cuts).
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $182.64 per cwt to $182.95, compared with last week’s range of $182.69 to $187.04 per cwt. FOB dressed steers, and heifers went for $289.77 per cwt to $289.85, compared with $286.98 to $292.34.
The USDA choice cutout Monday was up $1.41 per cwt at $303.42 while select was up $1.72 at $277.50. The choice/select spread narrowed to $25.92 from $26.23 with 62 loads of fabricated product and 13 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.37 to $1.50 a bushel over the Dec corn contract, which settled at $4.88 1/4 a bushel, down $0.03 3/4.
No live cattle contracts were posted for delivery Monday.
The CME Feeder Cattle Index for the seven days ended Friday was $249.73 per cwt, down $0.68. This compares with Monday’s Oct contract settlement of $246.90, down $1.47.