Building on a robust first-half performance, July exports of US pork and pork variety meats continued to outpace year-ago levels, according to data released by the USDA and compiled by the US Meat Export Federation.
A USMEF release said beef and beef variety meat exports took a step back in July, posting the lowest volume since January, but export value per head of fed slaughter again exceeded $400.
PORK EXPORTS EXPAND
July pork exports totaled 219,014 tonnes, up 10,919 tonnes, or 5.25%, from 208,095 tonnes last year, while export value increased $3.716 million, or 0.59%, to $628.702 million from $624.986 million, the USMEF said.
Through the first seven months of 2023, pork exports were 192,000 tonnes, or 12.8%, above last year’s pace at 1.687 million tonnes from 1.495 million, valued at $4.675 billion, up $432 million, or 10.2%, from $4.243 billion, the USMEF release said.
Pork exports to leading market Mexico continued to exceed last year’s record pace, with July shipments up 15% from a year ago to 81,081 tonnes, the USMEF said. July export value increased 12% to $189.4 million.
January-July exports to Mexico increased 14% from a year ago to 614,015 tonnes, while value soared 20% to $1.26 billion, the release said. This included a surge in pork variety meat exports, which increased 47% to 90,311 tonnes, valued at $160.6 million (up 43%).
“Market diversification has been the top priority for the US pork industry, and those efforts are certainly reflected again in these results,” said USMEF President Dan Halstrom, in the release. “In July, exports trended lower to China/Hong Kong, Japan and South Korea, but our Western Hemisphere markets and other destinations in the Asia-Pacific continued to shine.”
BEEF EXPORTS DISAPPOINT
July beef exports totaled 103,167 tonnes, down 23,400, or 18.5%, from 126,567 a year ago and the lowest in six months, the USMEF said. Export value was $810.445 million, down $195.555 million, or 19.4%, from $1.006 billion last year and the lowest since February.
For January through July, beef exports trailed last year’s record pace by 98,128 tonnes, or 11.3%, in volume to 772,343 tonnes from 870,471 and $1.390 billion, or 19.3% in value at $5.807 billion from $7.197 billion, the release said.
Beef exports to Mexico continued to gain momentum in July, climbing 31% from a year ago to 17,663 tonnes, the USMEF said. Export value soared 55% in July, reaching $105.1 million.
Through the first seven months of the year, exports to Mexico increased 17% to 117,834 tonnes, valued at $662.6 million (up 24%), the release said. Mexico is the leading volume destination for beef variety meat, and these exports increased at a similar pace – up 18% in volume (61,762 tonnes) and 24% in value ($175.2 million).
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $178.95 per cwt to $187.74, compared with last week’s range of $178.95 to $187.74 per cwt. FOB dressed steers, and heifers went for $282.62 per cwt to $289.11, compared with $282.62 to $289.11.
The USDA choice cutout Monday was down $2.79 per cwt at $310.11 while select was off $0.61 at $285.44. The choice/select spread narrowed to $24.67 from $26.85 with 103 loads of fabricated product and 24 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 $1.50 to $1.70 a bushel over the Dec corn contract, which settled at $4.85 3/4 a bushel, up $0.02.
The CME Feeder Cattle Index for the seven days ended Friday was $250.42 per cwt, up $1.21. This compares with Monday’s Sep contract settlement of $256.22 per cwt, up $0.87.