March US pork exports were steady with last year’s volume and edged higher in value, according to data released by the USDA and compiled by the US Meat Export Federation.
Beef exports and value were less than last March’s large volume but the value was the highest since June 2023, the USMEF said in a release.
PORK EXPORTS RISE
Pork exports totaled 260,430 tonnes in March, up 235 tonnes, or 0.09%, from 260,195 a year ago, valued at $740.791 million, up 16.782 million, or 2.32%, from $724.009 million a year ago and the seventh highest on record, the USMEF release said.
Through the first quarter, pork exports increased 46,693 tonnes, or 6.52%, to 762,784 tonnes from 716,091 tonnes, while export value climbed $135.0 million, or 7.39%, to $2.108 billion from $1.963 billion.
South Korea’s demand for US pork continued to build momentum in March, reaching the third largest volume on record at 27,508 tonnes – up 44% from a year ago – while export value was the second highest on record at $90.6 million, up 54%, the USMEF said.
Through the first quarter, exports to South Korea climbed 54% above the year-ago pace in volume at 69,452 tonnes and jumped 59% in value to $227.6 million, the USMEF release said. After several years in the No. five position for US pork exports, South Korea surpassed Canada as the fourth largest export destination, trailing only Mexico, China and Japan.
“Another strong month on the pork side, and one that illustrates the importance of export market diversification,” noted USMEF President and CEO Dan Halstrom in the release. “Shipments to Mexico cooled a bit, reflecting the earlier timing for Easter, and yet the global total remained very robust through increases to Korea, Colombia, Central America and Australia.
BEEF EXPORT VALUE DOWN
March beef exports totaled 108,218 tonnes, down 12,277 tonnes, or 10.2%, from the large 120,495-tonne volume posted a year ago but still the highest of 2024, the USMEF said. Export value was $889.919 million, down $2.713 million, or 0.30%, from $892.632 million a year ago but the highest in nine months.
January-March exports totaled 311,865 tonnes, down 14,599 tonnes, or 4.47%, from 326,494 tonnes the first quarter of 2023, but export value increased $131.0 million, or 5.57%, to $2.484 billion from $2.353 billion a year ago.
March was one of the best months ever for US beef exports to the Caribbean, where shipments climbed 16% from a year ago to 3,398 tonnes – the third largest on record, the USMEF said. Export value was the second highest on record, climbing 12% to $31.1 million.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $185.08 per cwt to $185.40, compared with last week’s range of $182.00 to $186.75 per cwt. FOB dressed steers, and heifers went for $290.79 per cwt to $292.18, compared with $286.41 to $290.67.
The USDA choice cutout Monday was up $4.56 per cwt at $298.76 while select was up $2.10 at $289.75. The choice/select spread widened to $9.01 from $6.55 with 63 loads of fabricated product and 15 loads of trimmings and grinds sold into the spot market.
The weighted average USDA listed wholesale price for fresh 90% lean beef was $351.27 per cwt, and 50% beef was $78.80.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.36 to $1.44 a bushel over the May corn contract, which settled at $4.57 a bushel, up $0.10.
The CME Feeder Cattle Index for the seven days ended Friday was $240.05 per cwt, down $2.34. This compares with Monday’s May contract settlement of $241.40, down $1.90.