US beef exports set new volume and value records in May, topping $1 billion for the fourth time this year, according to data released by USDA and compiled by the US Meat Export Federation.
While pork exports were well below last year’s, shipments were the largest of 2022 in volume and value, a release by the USMEF said.
BEEF EXPORTS SET RECORD
May beef exports reached 135,006 tonnes, up 1,566, or 1.17%, from 133,440 tonnes a year ago, the previous high, the USMEF said.
May export value climbed $182,226, or 20.2%, to $1.086 billion from $904.270 million a year ago, breaking the March 2022 record of $1.070 billion, the release said.
For January through May, beef exports increased 25,428 tonnes, or 4.33%, from 587,838 tonnes a year ago to 613,266 tonnes, valued at $5.141 billion, up $1.304 billion, or 34.0%, from $3.837 billion, the USMEF said.
Last year exports exceeded $2 billion to each of the three top destinations for US beef: South Korea, Japan and China/Hong Kong, the USMEF said. Export value to all three is up significantly in 2022, with each topping $1 billion in just five months.
“For US beef exports to maintain a $1 billion-per-month pace is tremendous under any circumstances, but it is especially remarkable given the strong US dollar, continued shipping and logistical challenges and the economic uncertainty our industry and international customers face today,” said USMEF President and CEO Dan Halstrom, in the release.
“Across a wide range of markets, the momentum for retail beef sales achieved during the pandemic continues, and it’s now complemented by a strong rebound in the foodservice sector, Halstrom said.”
PORK EPORTS DOWN FROM 2021
May pork exports were 224,677 tonnes, down 58,940, or 2.08%, from the year-ago total of 283,617 but the highest monthly volume since November, the USMEF said.
May export value was $655.062 million, down $158.145 million, or 19.45%, from $813.207 million last year but also the highest since November.
Through May, pork exports of 1.067 million tonnes were down 269 million, or 20.1%, from 1.336 million a year ago and were valued at $2.968 billion, down $661 million, or 18.2%, from $3.629 billion last year.
“On the pork side, exports are still trailing the enormous totals from the first half of last year, but we’re seeing upward momentum in several markets,” Halstrom said in the release. “Shipments to Mexico are on a record pace and demand is strong across most of the Western Hemisphere. China’s hog prices have increased about 40% since mid-June, which supports our forecast for some rebound in China’s demand for imported pork toward the end of the year.”
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $141.65 to $144.86 per cwt, compared with last week’s range of $138.00 to $148.92. FOB dressed steers, and heifers went for $219.24 to $219.27 per cwt, versus $217.96 to $226.88.
The USDA choice cutout Monday was up $0.25 per cwt at $268.14, while select was up $1.15 at $243.00. The choice/select spread narrowed to $25.14 from $26.04 with 82 loads of fabricated product and 31 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were steady tp up $0.10 at $2.75 to $2.85 a bushel over the Sep futures and for southwest Kansas were steady at $0.10 under Sep, which settled at $6.37, up $0.03 3/4.
The CME Feeder Cattle Index for the seven days ended Friday was $172.21 per cwt up $3.82. This compares with Monday’s Aug contract settlement of $174.87, up $3.15.