4-12-23 – US pork exports remained robust in February, achieving double-digit increases over last year in volume and value, according to data released by USDA and compiled by the US Meat Export Federation.
Beef exports were lower year-over-year but improved from the low totals posted in January, the USMEF said.
PORK EXPORTS UP
February pork exports totaled 219,729 tonnes, up 21,190, or 10.7%, from 198,539 tonnes a year ago, while export value increased $54.773 million, or 10.1%, to $596.027 million from $541.254 million.
That included a particularly strong performance for pork variety meat exports, which jumped 13,787 tonnes, or 40.3%, to 47,975 tonnes from 34,188 tonnes, valued at $111.799 million – up $22.244 million, or 24.8%, from $89.555 million and the eighth highest on record.
Through February, total pork and pork variety meat exports increased 49,149 tonnes, or 12.1%, to 456,496 tonnes from 407,347 tonnes, valued at $1.239 billion, up $142.0 million, or 12.9%, from $1.097 billion.
After a string of record-breaking months, pork exports to Mexico cooled slightly in February but remained well above year-ago levels, the USMEF said. February volume reached 78,226 tonnes, up about 6% from a year ago, while value climbed about 31% to $154.7 million.
That pushed the January-February totals for Mexico 9% ahead of last year’s record pace in volume (175,026 tonnes) and 36% higher in value ($346 million).
February pork exports to the Dominican Republic more than doubled year-over-year to a record 10,681 tonnes (up about 106%), valued at $27.7 million (up about 105%).
BEEF EXPORTS SAG
Beef exports totaled 105,057 tonnes in February, down 3,444, or 3.17%, from 108,501 tonnes a year ago, while export value dropped $146.536 million, or 16.2%, to $757.816 million from $904.352 million.
For the first two months of the year, exports were down 21,568 tonnes, or 9.48%, to 205,999 tonnes from last year’s large volume of 227,567 tonnes, while export value dipped $470.000 million, or 24.4%, to $1.460 billion from $1.930 billion.
February beef exports to Japan edged modestly higher in volume, increasing about 1% from a year ago to 23,876 tonnes, while value fell about 19% to $161.7 million. For the first two months of the year, exports to Japan were steady with last year at 46,332 tonnes, but were down 20% in value to $306.6 million.
Beef exports to South Korea followed a similar trend, edging slightly higher in February to 19,382 tonnes (up about 2%), but value declined about 22% to $153.3 million.
Through February, exports to Korea were down sharply from last year’s large totals in volume (38,278 tonnes, down about 21%) and value ($304.8 million, down about 41%).
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $172.20 per cwt to $178.00, compared with last week’s range of $164.63 to $171.57 per cwt. FOB dressed steers, and heifers went for $261.33 per cwt to $268.47, compared with $256.76 to $269.59.
The USDA choice cutout Tuesday was up $2.19 per cwt at $295.10 while select was up $3.64 at $282.04. The choice/select spread narrowed to $13.06 from $14.51 with 62 loads of fabricated product and 26 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.58 to $1.65 a bushel over the May corn contract, which settled at $6.51 a bushel, down $0.03.
No live cattle futures deliveries were tendered Tuesday.
The CME Feeder Cattle Index for the seven days ended Monday was $193.01 per cwt, down $0.32. This compares with Tuesday’s Apr contract settlement of $202.10 per cwt, up $1.17.
IN OUR OPINION
–The Plant Based Foods Assn., is touting new data showing sales growth. Plant-based food dollar sales grew 6.6% last year to $8 billion, the PBFA said, with unit sales mirroring the 3% decline seen in total food and beverages, including animal-based foods, “all of which demonstrate the strong resilience of plant-based foods during intense inflationary conditions.” It wouldn’t hurt to step up advertising of real meat.