US March pork exports were the largest since May 2021, according to data released by USDA and compiled by the US Meat Export Federation. Beef exports were the largest since October but still less than last year’s high volume.
PORK EXPORTS UP 17%
March pork exports totaled 260,195 tonnes, up 37.614, or 16.9%, from 222,581 a year ago and the ninth largest volume on record, the USMEF said in a release. March export value also was the ninth largest at $724.0 million, up $108.670 million, or 17.7%, from $615.330 million a year ago.
Those results capped a strong first quarter for US pork as exports reached 716,691 tonnes, up 86.763, or 13.8%, from 629.928 tonnes a year ago, valued at $1.963 billion, up 252 million, or 14.7%, from $1.712 billion a year ago, the USMEF said.
March was another terrific month for pork exports to Mexico, which remained well above last year’s record pace, the USMEF said. Exports totaled 95,030 tonnes, up 15% from a year ago and the second largest on record (behind January 2023), while value climbed 31% to $195.7 million.
First quarter shipments to Mexico were up 11% to 270,056 tonnes, while value soared 34% to $541.7 million, the USMEF said.
Brazilian pork gained access to Mexico late last year, and Brazil reported shipments to Mexico of 27 tonnes in February and 189 tonnes in March, the USMEF said.
BEEF EXPORTS STRUGGLE
March beef exports totaled 120,495 tonnes, down 5,790, or 4.58%, from 126,285 tonnes a year ago, the USMEF said. Export value fell $177.368 million, or 17%, to $892.632 million from $1.070 billion, but volume and value were the highest in five months.
Through the first quarter, US beef exports were down 27,358 tonnes or 7.73%, year-over-year to 326,494 tonnes from 353,852 tonnes, valued at $2.353 billion, down $647 million, or 21.6%, from $3.000 billion, the USMEF said.
Mexico continued to be a bright spot for US beef exports in March, with shipments up 17% from a year ago to 17,454 tonnes, valued at $97.3 million (up 26%), the USMEF said. This pushed first-quarter exports to 50,509 tonnes, up 16% from a year ago, while value increased 17% to $283.6 million.
Mexico is the largest volume destination for US beef variety meat, with first quarter exports increasing 13% from a year ago to 25,533 tonnes, valued at $72.6 million, up 20%, the USMEF said. Top variety meat export items to Mexico include livers, tripe, lips, hearts and tongues.
First-quarter shipments of beef lips were the highest since 2017 at 7,202 tonnes, up 38% from a year ago, valued at $16.6 million (up 35%), the USMEF said.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $171.00 per cwt to $173.34, compared with last week’s range of $167.24 to $183.37 per cwt. FOB dressed steers, and heifers went for $271.56 per cwt to $276.23, compared with $272.57 to $282.43.
The USDA choice cutout Tuesday was down $1.18 per cwt at $307.38 while select was down $0.23 at $284.89. The choice/select spread narrowed to $22.49 from $23.44 with 99 loads of fabricated product and 23 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 $1.73 to $1.85 a bushel over the Jul corn contract, which settled at $5.84 3/4 a bushel, down $0.11 3/4.
The CME Feeder Cattle Index for the seven days ended Monday was $199.42 per cwt, down $0.59. This compares with Tuesday’s May contract settlement of $205.92 per cwt, up $2.50.