US pork exports in February continued to shine, increasing in volume and value, while higher beef export value belied the decline in volume, according to data from the USDA that was compiled by the US Meat Export Federation in Denver.
PORK EXPORTS CONTINUE STRONG
February pork exports increased 31,201 tonnes, or 14.2%, from a year ago to 250,930 tonnes from 219,729 tonnes, while value jumped $89.103, or 14.9%, to $685.130 million from $596.027 million, the USMEF said.
Through the first two months of 2024, pork exports increased 45,858 tonnes, or 10.0%, in volume to 502,354 tonnes from 456,496 tonnes and $128,000, or 10.3%, in value to $1.367 billion from $1.239 billion, the USMEF said.
Pork exports to leading market Mexico remained on a roll in February, increasing 21% from a year ago to 94,272 tonnes – the eighth highest on record – while value jumped 22% to $189.5 million, the USMEF said.
Through February, shipments to Mexico totaled 196,453 tonnes, 12% more than last year’s record pace, while value increased 15% to $396.8 million, the USMEF said.
Demand for US pork continued to rebound in South Korea, where shipments accelerated since late 2023, the USMEF said. February pork exports reached 21,217 tonnes, soaring 71% more than last year, while export value increased 74% to $69.3 million.
Through February, exports to South Korea increased 61% in volume to 41,944 tonnes and 62% in value to $137 million.
BEEF EXPORT VOLUME SAGS
Beef exports reached 103,883 tonnes in February, down 1,174, or 1.12%, from 105,057 tonnes a year ago, but export value increased $72.554 million, or 9.57%, to $830.370 million from $757.816 million, the USMEF said.
January-February exports also were down, falling 2,352 tonnes, or 1.14%, to 203,647 tonnes from 205,999 tonnes, with export value climbing $134,000, or 9.18%, to $1.594 billion from $1.460 billion, the USMEF said.
Mexico also continued to be bright spot for US beef exports, with February shipments climbing 27% from a year ago to 19,760 tonnes, the USMEF said. Export value soared 32% to $120.5 million – the seventh highest on record.
Through February, beef exports to Mexico increased 21% in volume to 39,871 tonnes and 25% in value to $233.3 million, including growth for muscle cuts and variety meat, the USMEF said. Bolstered by the strong peso, Mexico’s demand for US bee strengthened at foodservice and retail.
While February beef export volume to South Korea was lower than a year ago (down 7% to 18,074 tonnes), export value climbed 12% to $172.3 million, the USMEF said.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $184.93 per cwt to $185.59, compared with last week’s range of $185.94 to $195.38 per cwt. FOB dressed steers, and heifers went for $295.28 per cwt to $295.37, compared with $293.28 to $299.46.
The USDA choice cutout Monday was up $4.90 per cwt at $302.47 while select was up $5.57 at $300.27. The choice/select spread narrowed to $1.80 from $2.47 with 53 loads of fabricated product and 24 loads of trimmings and grinds sold into the spot market.
The daily weighted average USDA listed wholesale price for fresh 90% lean beef was $346.15 per cwt, and 50% beef was $96.54.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged to down $0.05 at $1.40 to $1.50 a bushel over the May corn contract, which settled at $4.35 1/2 a bushel, up $0.01 1/4.
No live cattle contracts were tendered for delivery Monday.
The CME Feeder Cattle Index for the seven days ended Friday was $248.62 per cwt, down $0.35. This compares with Monday’s Apr contract settlement of $239.30, up $1.60.