US beef exports remained on a red-hot pace in June, topping $1 billion for the fifth time this year, after twice hitting $1 billion in 2021, according to data released by USDA and compiled by the US Meat Export Federation.
US pork exports remained below last year’s large totals in June, the USMEF said.
BEEF EXPORTS JUST SHY OF RECORD
June beef exports totaled 130,638 tonnes, down 4,368, or 3.24%, from May’s record volume of 135,006 tonnes but up 18,389, or 16.4%, from last year’s 112,249 tonnes and the fourth largest on record, the USMEF said.
Export value was $1.050 billion in June, down $36 million, or 3.31%, from the May record of $1.086 billion but $245.580 million, or 30.5%, more than the $804.420 million last year.
For the first half of 2022, beef exports of 743,904 tonnes increased 43,817, or 6.26%, from 700,087 tonnes a year ago, valued at $6.191 billion, up $1.550 billion, or 33.4%, from $4.641 billion a year ago.
Japan was the leading volume market for US beef exports in June, with exports increasing 12% to 27,891 tonnes. Export value was up 15% to $211.7 million.
“The first-half performance for US beef exports was nothing short of remarkable, especially considering the growing economic headwinds in many key markets and continued shipping and logistical challenges,” said USMEF President and CEO Dan Halstrom, in a USMEF release.
“The rebound in the global foodservice sector has provided a tremendous lift in 2022, even though it is still far from a full recovery in many Asian and European destinations,” Halstrom said. “We definitely see opportunities for further growth, though inflationary pressure and the stronger US dollar continue to raise concerns about consumer spending power.”
PORK EXPORTS DOWN
June pork exports reached 219,131 tonnes, down 19,804, or 8.29%, from 238,935 tonnes a year ago, valued at $649.853 million, down $46.953 million, or 6.74%, from $696.806 million.
First-half pork exports were 1.287 million tonnes, down 18% from 1.575 million last year. They were valued at $3.618 billion, down $708 million, or 16.4%, from $4.326 billion last year.
“The decline in first-half pork exports was not unexpected, given the recovery in China’s domestic production and its reduced need for imports,” Halstrom said. “The good news is China’s hog price is up about 40% since mid-June and we are seeing some rebound in China’s demand for pork variety meat.
“Meanwhile pork shipments to Mexico remain on a record-shattering pace and demand has also strengthened in recent months in markets such as Korea, Colombia and the Caribbean,” Halstrom added.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $139.39 to $141.51 per cwt, compared with last week’s range of $135.00 to $142.13. FOB dressed steers, and heifers went for $214.79 to $215.54 per cwt, versus $212.71 to $217.25.
The USDA choice cutout Monday was up $1.62 per cwt at $266.24 while select was up $0.19 at $238.86. The choice/select spread widened to $27.38 from $25.95 with 73 loads of fabricated product and 32 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were steady at $2.60 to $2.70 a bushel over the Sep futures and for southwest Kansas were unchanged at $0.10 over Sep, which settled at $6.19, down $0.10 1/2.
Four heifer and two steer contracts were tendered for delivery Monday.
The CME Feeder Cattle Index for the seven days ended Friday was $175.31 per cwt down $0.12. This compares with Monday’s Aug contract settlement of $181.27, up $1.75.