US pork exports raced to a great start in 2024, according to January data released by the USDA and compiled by the US Meat Export Federation.
A USMEF release said that while January beef exports were slightly less than last year’s volume, export value trended significantly higher.
MEXICO LEADS PORK PERFORMANCE
Although January pork exports were led by another powerful performance in leading market Mexico, US pork continued to make gains in a wide range of Western Hemisphere and Asia-Pacific destinations, the USMEF said.
January pork exports totaled 251,424 tonnes, up 14,657 tonnes, or 6.19%, from 236,767 tonnes a year ago, while export value increased $38.705 million, or 5.67%, to $682.133 million from $643.428 million.
January pork exports to Mexico reached 102,181 tonnes, up 6% from a year ago and the second largest on record, trailing only December 2023, the USMEF said. Export value increased 8% to $207.2 million, the seventh largest on record.
“Mexico’s demand for US pork is so spectacular that it tends to overshadow other great success stories,” said USMEF President and CEO Dan Halstrom, in the USMEF release. “It is especially gratifying to see other markets following the trail blazed by Mexico, as purchases expand beyond raw material for further processing to include center-of-the-plate cuts, including loins, which are gaining popularity at retail and foodservice.”
BEEF EXPORT VALUE UP
January beef exports totaled 99,764 tonnes, down 1,178, or 1.17%, from 100,942 tonnes a year ago, the USMEF said. But export value climbed $61.522 million, or 8.76%, to $763.808 million from $702.286 million, as value trended higher year-over-year to South Korea, Japan, Mexico, Canada, Central America, the Caribbean and Hong Kong.
While January beef exports to South Korea declined slightly from a year ago (18,789 tonnes, down 1%), export value increased 13% to $170.5 million, the USMEF said. Rising consumer prices continued to weigh on Koreans’ spending power, including sharply higher prices for fruits and vegetables because of crop issues.
“While USMEF expects 2024 to be another challenging year in terms of beef supply availability, the upward trend in export value is a positive sign,” Halstrom said. “The inventory has been cleared, and customers in Asia are reloading on US beef.
“There is also more optimism in Asia’s foodservice sector, especially in Korea,” he said. “Combined with the recent strength we’ve seen in the Western Hemisphere, this bodes well for beef demand in the coming year. January was also an excellent month for beef variety meat exports, which are especially important for maximizing the value of every animal.”
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $185.73 per cwt to $185.99, compared with last week’s range of $183.58 to $186.24 per cwt. FOB dressed steers, and heifers went for $290.49 per cwt to $293.03, compared with $287.28 to $292.50.
The USDA choice cutout Monday was up $1.84 per cwt at $308.88 while select was up $1.45 at $298.88. The choice/select spread widened to $10.00 from $9.61 with 60 loads of fabricated product and 17 loads of trimmings and grinds sold into the spot market.
The daily weighted average USDA listed wholesale price for fresh 90% lean beef was $323.80 per cwt, and 50% beef was $102.74.
The USDA said basis bids for corn from feeders in the Southern Plains were up $0.15 to $0.25 at $1.55 to $1.75 a bushel over the May corn contract, which settled at $4.41 3/4 a bushel, up $0.02.
The CME Feeder Cattle Index for the seven days ended Friday was $248.24 per cwt, down $0.50. This compares with Monday’s Mar contract settlement of $248.25, down $0.95.