The value of November US pork exports was the highest ever November total while beef export value advanced toward a record full-year of returns, according to data from the USDA and compiled by the US Meat Export Federation.
PORK
November pork exports totaled 223,962 tonnes, down slightly from a year ago, the USMEF said. But through the first 11 months of last year, export volume remained on pace for a record high at 2.23 million tonnes, up about 7% from 2016.
November pork export value was a record $615.6 million, up 5% from the 2016 month, and just the fourth time monthly export value topped $600 million. Through November, pork export value rose 10% to $5.9 billion.
Exports accounted for 27.7% of total pork production in November, down slightly from a year earlier and 24.1% for muscle cuts, up about one percentage point, the USMEF said. For January through November, the ratios increased about one percentage point from a year earlier to 26.5% of total production and 22.2% for muscle cuts.
November pork export value averaged $58.38 per head slaughtered, up 6% from 2016 and the highest in six months. Through the first 11 months of the year, per-head export value averaged $53.18, up 7%.
BEEF
Beef exports reached 111,915 tonnes in November, down 3% from the large volume of November 2016 but still the second-highest monthly total of the year, the USMEF said. Export value also was the second-largest of 2017 at $666.4 million, up 8% from 2016.
January-November beef export volume totaled 1.15 million tonnes, up 7%, while export value climbed to $6.6 billion, up 15% from a year ago and slightly above the 2014 record pace.
US beef exports accounted for 13.1% of total production in November, the highest since July but down from 14.9% in November 2016, the USMEF said. For muscle cuts, the percentage exported was 10.9%, down from 11.7% in 2016.
For January through November, beef exports accounted for 12.8% of total production, down from 13.5% in 2016, and 10.3% for muscle cuts, which was steady with 2016.
November beef export value averaged $306.63 per head of fed slaught4er, up 4% from a year ago and the highest in nearly three years. January-November export value averaged $282.34 per head, up 9%.
JAPAN, HONG KONG DRIVE BEEF EXPORT GROWTH
Japan continued to be the pacesetter for US beef exports in November, with volume rising 5% year-over-year to 24,819 tonnes and value up 6% to $159.2 million. This pushed Japan’s 11-month totals to 285,336 tonnes, up 20%, valued at $1.75 billion, up 27% and a new post-BSE record.
Approaching the Chinese New Year, beef exports to Hong Kong climbed again in November, with volume up 20% from a year earlier to 16,106 tonnes, the largest since December 2014, and value soaring 43% to $119 million.
CATTLE, BEEF RECAP
Cash cattle traded Monday at $120 to $121 per cwt on a live basis, down $1 to $2 from last week.
No fed cattle sold Wednesday on the Livestock Exchange video auction. Cash cattle traded Friday at $121 to mostly $122 per cwt on a live basis, down $1 from the previous week and at $195 dressed, steady to up $2.
The USDA’s choice cutout Monday was up $0.69 per cwt at $210.20, while select was up $1.05 at $203.37. The choice/select spread narrowed to $6.83 from $7.19 with 82 loads of fabricated product sold into the spot market.
The CME Feeder Cattle index for the seven days ended Friday was $153.92 per cwt, down $1.28. This compares with Monday’s Jan settlement of $146.45, down $0.17.