Fueled by record performances in Mexico, Central America and Colombia, November US pork exports reached the highest value since mid-2021, according to data released by USDA and compiled by the US Meat Export Federation.
US beef exports slowed in November, recording the third lowest value of 2023, the USMEF said.
PORK EXPORTS SOAR
November pork exports totaled 258,601 tonnes, up 12,593, or 5.12%, from 246,008 tonnes a year ago and the highest in six months, the USMEF said. Export value was up $12.119 million, or 1.64%, to $737.423 million from $725.304 million, the highest since May 2021 and the seventh highest on record.
For January through November, exports totaled 2.638 million tonnes, up 199,000, or 8.16%, from 2.439 million a year ago, valued at $7.394 billion, up $385.0 million, or 5.49%, from $7.009 billion, the USMEF said.
November pork exports to leading market Mexico set a value record at $221.3 million, up 5% from the large total posted a year ago, the USMEF said. Export volume of 100,313 tonnes increased 14% and was the second largest on record, trailing only October 2023.
January-November pork exports already surpassed the annual records set in 2022, with volume increasing 13% year-over-year to 995,534 tonnes, while value was 15% higher at $2.12 billion, the USMEF said.
“The momentum for US pork exports is remarkable and very broad-based,” said USMEF President and CEO Dan Halstrom, in a release. “While Mexico accounts for much of the past year’s export growth, there are success stories throughout the Western Hemisphere and across the entire globe. And the coming year also looks very promising in both established and emerging markets.”
BEEF EXPORTS DECLINE
Beef exports totaled 99,029 tonnes in November, down 16,402, or 14.2%, from 115,431 a year ago and the second lowest of the year, while value fell $57.090 million, or 6.77%, to $786.201 million from $843.291 million, the USMEF said.
For the first 11 months of the year, beef exports were 180,000 tonnes, or 13.2%, less than the record pace of 2022’s 1.364 million tonnes at 1.184 million tonnes, while value declined $1.817 billion, or 16.6%, to $9.108 billion from $10.925 billion, the USMEF said.
Beef exports to Mexico posted another impressive performance in November, increasing 3% from a year ago to 17,843 tonnes and climbing 14% in value to $103.6 million, the USMEF said.
Through the first 11 months of 2023, beef exports to Mexico rebounded 14% in volume to 189,242 tonnes and an impressive 24% in value to $1.08 billion – already surpassing the full-year totals from 2022, the USMEF said. This included a 16% increase in beef variety meat exports, to 98,330 tonnes, with value up 20% to $286.5 million.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $173.45 per cwt to $176.63, compared with last week’s range of $172.00 to $175.59 per cwt. FOB dressed steers, and heifers went for $270.02 per cwt to $275.14, compared with $269.19 to $274.88.
The USDA choice cutout Wednesday was up $2.91 per cwt at $283.07 while select was up $4.11 at $266.94. The choice/select spread narrowed to $16.13 from $17.33 with 101 loads of fabricated product and 36 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 $1.25 to $1.35 a bushel over the Mar corn contract, which settled at $4.59 1/2 a bushel, up $0.00 1/4.
The CME Feeder Cattle Index for the seven days ended Tuesday was $228.41 per cwt, up $0.72. This compares with Wednesday’s Jan contract settlement of $224.62, up $0.85.