June exports of US beef reached the highest value in nearly two years, according to data released by the USDA and compiled by the US Meat Export Federation.
While June pork exports were lower year-over-year, shipments through the first half of the year remained ahead of the record value pace of 2023, the USMEF said in a release.
BEEF EXPORTS CLIMB
Beef exports totaled 110,155 tonnes in June, down 4,952, or 4.30%, from 115,107 tonnes a year ago but the second largest monthly total of 2024, the USMEF said. Export value reached $938.308 million, up $28.834 million, or 3.17%, from $909.474 million a year ago and the highest since August 2022.
Through the first half of the year, beef export value climbed to $5.223 billion, up $227 million, or 4.54%, from $4.996 billion a year ago, despite a 25,443-tonne, or 3.80%, decline in volume to 643,733 tonnes from 669,178 tonnes.
Despite a difficult economic climate, Japan reclaimed its position as the largest volume destination for US beef in 2024, the USMEF release said. June exports to Japan jumped 8% from a year ago to 22,308 tonnes, the largest since March 2023.
Beef export value to Japan reached $181.5 million, up 9% and the highest since August 2022, the USMEF said. Through the first half of the year, exports to Japan still were 2% less than last year at 127,020 tonnes, but export value climbed 6% to $978.2 million.
PORK EXPORTS DIP
Pork exports totaled 224,392 tonnes in June, down 21,572, or 8.77%, from 245,964 tonnes a year ago and the lowest since September, while export value fell $31.744 million, or 4.59%, to $659.668 million from $691.412 million, the USMEF said.
However, January-June volume still reached 1.517 million tonnes, 49,000 tonnes, or 3.34%, more than the 1.468 million in the first half of 2023, while export value increased $216 million, or 5.34%, to $4.262 billion from $4.046 billion.
Pork exports to leading market Mexico cooled modestly in June, with volume down 3% from a year ago to 83,007 tonnes, the USMEF said. But export value still edged higher, increasing 4% to $187.4 million.
January-June pork exports to Mexico remained well ahead of last year’s record pace in June, up 6% in volume to 563,200 tonnes and jumping 13% in value to $1.2 billion, the USMEF said.
Mexico’s domestic hog price surged last month, and weekly export data suggest US pork exports to Mexico also accelerated in July.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $188.00 per cwt to $197.25, compared with last week’s range of $188.53 to $200.62 per cwt. FOB dressed steers, and heifers went for $295.76 per cwt to $306.07, compared with $296.77 to $310.09.
The USDA choice cutout Wednesday was down $1.96 per cwt at $313.85 while select was down $0.79 at $298.83. The choice/select spread narrowed to $15.02 from $16.19 with 108 loads of fabricated product and 20 loads of trimmings and grinds sold into the spot market.
The weighted average USDA listed wholesale price for fresh 90% lean beef was $369.47 per cwt, and 50% beef was $172.47.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.45 to $1.60 a bushel over the Sep corn contract, which settled at $3.83 1/4 a bushel, down $0.05 1/2.
No live cattle contracts were tendered for delivery Wednesday.
The CME Feeder Cattle Index for the seven days ended Tuesday was $254.72 per cwt, down $0.63. This compares with Wednesday’s Aug contract settlement of $242.62, down $0.37.