February exports of US beef and pork remained below the rapid pace established in early 2020, according to data released by USDA and compiled by the US Meat Export Federation.
However, exports were consistent with the USMEF’s February projections and the federation still expects 2021 beef exports to increase substantially year over year, the USMEF said in a release. Pork exports still are projected to surpass the 2020 record by a narrow margin.
“While February exports were in line with expectations, the results don’t fully reflect global demand for US red meat,” said Dan Halstrom, USMEF president and CEO, in the release.
FEBRUARY BEEF EXPORTS DOWN
Beef exports totaled 103,493 tonnes in February, down 8,528 tonnes, or 7.61%, from 112,021 tonnes a year ago. These were valued at $669.537 million, down $11.421 million, or 1.68%, from $680,958 million a year ago.
That mainly was because of a decline in variety meat exports, the USMEF said. Beef muscle cut exports, at 82,530 tonnes, were down from last year’s 84,919 tonnes with a value of $597.854 million, compared with $598.553 million last year. This was a decline of 2,389 tonnes, or 2.81%, and $699,000. Or 0.12%.
Beef variety meat exports in February came to 20,963 tonnes, down from 27,102 tonnes a year earlier, a drop of 6,139 tonnes, or 22.7%. These were worth $71,683, compared with $82,405 a year ago, a decline of $10,722, or 13.0%.
Through February, total beef exports were 10,855 tonnes, or 4.95%, below last year’s pace at 208,540 tonnes, compared with 219,395 tonnes, valued at $1.323 billion, down $31,000, or 2.29%, from $1.354 billion.
2021 beef muscle cut exports were down 1% to 163,928 mt from 166,261 tonnes and near steady in value at $1.182 billion, compared with $1.188 billion.
FEBRUARY PORK EXPORTS DOWN
Total February pork exports were down 33,816 tonnes, or 12.4%, from 273,056 tonnes a year ago at 239,240 tonnes, valued at $629.353 million, down $97.243 million, or 13.4%, from $726.596 million.
For muscle cuts only, pork exports of 203,526 tonnes fell 27,072 tonnes, or 11.7%, from 230,598 tonnes, valued at $548.033 million from $630.572 million, a decline of $82.539 million, or 13.1%.
Through February, total pork exports of 487,896 tonnes were 58,763 tonnes, or 10.7%, below last year’s 546,659 tonnes. They were valued at $1.272 billion, down $193 million, or 13.2%, from $1.465 billion.
2021 pork muscle cut exports of 411,760 tonnes were down 52,827 tonnes, or 11.4%, from last year’s 464,587 tonnes, valued at $1.099 billion, down $182,000, or 14.2%, from $1.281 billion.
CATTLE, BEEF RECAP
Fed cattle trading last week was reported in the Plains at $120 to $123 per cwt on a live basis, up $2.50 to $4 from the previous week. Dressed-basis trading was at $195 to $196 per cwt, up $6 to $11.
The USDA choice cutout Tuesday was down $1.30 per cwt at $270.11, while select was up $0.38 at $266.54. The choice/select spread narrowed to $3.57 from $5.25 with 91 loads of fabricated product and 34 loads of trimmings and grinds sold into the spot market.
The USDA reported Tuesday that basis bids for corn from livestock feeding operations in the Southern Plains were unchanged at $1.15 to $1.20 a bushel over the May CBOT futures contract, which settled at $5.80 a bushel, up $0.11.
There were no delivery intentions posted against the Apr live cattle futures contract Tuesday. None were retendered, and none were demanded or reclaimed.
The CME Feeder Cattle Index for the seven days ended Monday was $143.66 per cwt up $0.30. This compares with Tuesday’s Apr contract settlement of $142.45 per cwt, down $2.05.