August beef exports were slightly more than last August’s large volume and again topped $1 billion in value, reaching this milestone in seven out of eight months this year, according to data released by USDA and compiled by the US Meat Export Federation. August exports of US pork topped year-ago totals for the first time in 2022.
“We speak often about the importance of developing a wide range of markets for US red meat, and the August export results are a great illustration of that,” said USMEF President and CEO Dan Halstrom, in a USMEF release. “Exports face significant headwinds in some key destinations, with weakened currencies topping the list. But the emphasis on broad-based growth really pays dividends in these situations, allowing the overall export picture to remain very positive.”
BEEF EXPORTS SECOND LARGEST EVER
August beef exports totaled 133,832 tonnes, up 1,255 tonnes, or 0.95%, from 132,577 tonnes last year and the second largest volume on record – trailing only May 2022 when it was 135,006 tonnes, a USMEF release said.
Beef export value was $1.036 billion, slightly less than the then-record total achieved in August 2021, which was the first time monthly exports topped the $1 billion mark, the USMEF said.
For the first eight months of 2022, beef exports increased 49,000 tonnes, or 5.13%, from 955,407 tonnes a year ago to 1.004 million, valued at $8.233 billion – $1.611 billion, or 24.3%, more than last year’s record pace of $6.621 billion, the USMEF said.
August beef exports to Korea were slightly more than last year at 24,546 tonnes, though export value slipped 2% to $213.1 million, the USMEF said. Through August, exports to Korea were 4% above last year’s record pace at 197,749 tonnes, with value climbing 28% to $1.93 billion.
PORK EXPORTS LARGEST IN 11 MONTHS
US pork exports reached 226,293 tonnes in August, up 471, or 0.21%, from 225,822 tonnes a year ago and the largest since November 2021, the USMEF said. Export value climbed $25.761 million, or 3.91%, to $659.629 million from $633.868 million a year ago.
Through August, pork exports of 1.721 million tonnes were 302,000, or 14.9%, less than last year’s 2.023 million, valued at $4.902 billion, down $715 million, or 12.7%, from $5.617 billion last year, the USMEF reported.
August pork exports once again were led by Mexico, where 2022 shipments remained on a record pace, the USMEF said.
While August export volume of 81,178 tonnes was up only slightly from a year ago, pork export value increased 20% to $195 million, the USMEF said. This pushed January-August exports to Mexico to 620,718 tonnes, up 14% from a year ago, while value increased 13% to $1.25 billion.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $147.46 to $147.55 per cwt, compared with last week’ range of $143.00 to $147.00. FOB dressed steers, and heifers went for $227.91 to $228.00 per cwt, versus $224.47 to $229.75.
The USDA choice cutout Monday was down $1.44 per cwt at $244.63 while select was off $2.31 at $213.82. The choice/select spread widened to $30.81 from $29.94 with 111 loads of fabricated product and 39 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were up $0.05 to $0.10 at $2.00 to $2.15 a bushel over the Dec futures and for southwest Kansas were steady at $1.00 over Dec, which settled at $6.98 1/4, up $0.15.
No live cattle contracts were tendered for delivery Monday.
The CME Feeder Cattle Index for the seven days ended Friday was $174.61 per cwt down $0.31. This compares with Monday’s Oct contract settlement of $172.10, down $2.62.