The value of US beef exports topped $900 million in May, the highest since June 2023, according to data released by the USDA and compiled by the USMEF.
Pork exports posted another solid performance in May, but were below last year in volume and value, the USMEF said.
BEEF EXPORT VOLUME DOWN, VALUE UP
May beef exports totaled 110,133 tonnes, down 5,997 tonnes, or 5.16%, from 116,130 tonnes a year ago but the second largest of 2024, a USMEF release said. Beef export value for the month reached $902.389 million, $27.669 million, or 3.16%, more than last year’s $874.720 million and the highest in 11 months.
For January through May, beef exports followed a similar trend, increasing $198 million, or 4.84%, year-over-year in value to $4.285 billion from $4.087 billion, despite a decline in volume of 20,491 tonnes, or 3.70%, to 533,578 tonnes from 554,069 tonnes, the USMEF said.
Despite the persistently weak yen and other economic challenges, Japan has maintained its position as the leading volume destination for US beef in 2024, the USMEF said. May beef exports to Japan were 20,992 tonnes, up 9% from 19,251 tonnes a year ago, while export value climbed 20% to $164.117 million from $137.146 million.
For January through May, exports to Japan were still 3% less than last year in volume at 104,712 tonnes from 108,359 tonnes, but export value increased 5% to $796.115 million from $757.608 million.
MAY PORK EXPORTS DOWN
May pork exports totaled 251,447 tonnes, down 9,914 tonnes, or 3.79%, from 261,361 tonnes a year ago, valued at $715.782 million, down $15.309 million, or 2.09%, from $731.091 million a year ago, the USMEF said.
Through the first five months of the year, pork exports were up 70,000 tonnes, or 5.73%, to 1.292 million tonnes from 1.222 million last year, while export value was $248 million, or 7.39%, more than last year’s record pace at $3.603 billion from $3.355 billion, the USMEF said.
Although pork export volume to leading market Mexico slowed in May following record-large April shipments, export value still increased and 2024 demand remains on a record pace, the USMEF said.
May exports to Mexico totaled 91,338 tonnes, down 6% from 96,811 tonnes a year ago, but value was 2% higher at $201.880 million, versus $198.856 million last year, the USMEF said. January-May exports to Mexico reached 480,193 tonnes, up 7% from 447,081 tonnes a year ago, while value increased 14% to $1.018 billion from $890.140 million.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $191.51 per cwt to $198.39, compared with last week’s range of $189.71 to $200.07 per cwt. FOB dressed steers, and heifers went for $301.80 per cwt to $307.62, compared with $298.67 to $309.14.
The USDA choice cutout Tuesday was down $4.81 per cwt at $325.66 while select was down $0.41 at $304.31. The choice/select spread narrowed to $21.35 from $25.75 with 106 loads of fabricated product and 24 loads of trimmings and grinds sold into the spot market.
The weighted average USDA listed wholesale price for fresh 90% lean beef was $370.89 per cwt, and 50% beef was $92.73.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.62 to $1.78 a bushel over the Sep corn contract, which settled at $3.94 a bushel, up $0.00 3/4.
The CME Feeder Cattle Index for the seven days ended Monday was $257.33 per cwt, down $0.96. This compares with Tuesday’s Aug contract settlement of $255.72, down $3.45.