November exports of US pork were the largest of 2022 in both volume and value, according to data released by USDA and compiled by the US Meat Export Federation.
November beef exports were less than the large year-ago totals, but 2022 export value through November already had set a full-year record of nearly $11 billion, the USMEF said.
PORK EXPORTS REACH NEW HIGH
Pork exports reached 245,663 tonnes in November, up 8,116, or 3.42%, from 237,547 tonnes a year ago, while export value climbed $66.809 million, or 10.1%, to $725.092 million from $658.283 million, the USMEF said. In volume and value, exports were the highest since May of 2021.
For January through November, pork exports of 2.427 million tonnes were 279,000, or 10.3%, less than the previous year’s 2.706 million, valued at $6.990 billion down $513.252 million, or 6.84%, from $7.503 billion.
Pork exports to Mexico set another value record in November, topping $200 million for the second straight month, and volume was record large at 87,809 tonnes, the USMEF said. Overall results also were bolstered by excellent growth in variety meat exports, which were up more than 25% year-over-year at 50,002 tonnes, valued at $116.927 million – up $20.371 million, or 21.1%, from $96.556 million and the fourth highest on record, driven by growth to China and Mexico.
BEEF EXPORTS DECLINE
November beef exports totaled 115,777 tonnes, down 7,864, or 6.36%, from the previous year’s large volume of 123,641 tonnes, while export value declined $20.539 million, or 19.5%, to $846.611 million from $1.052 billion, the USMEF said.
However, through the first 11 months of 2022, beef export value increased $1.315 billion, or 13.7%, year-over-year to $10.900 billion from $9.585 billion, already topping the full-year record of $10.58 billion set in 2021, the release said. January-November export volume was 1.361 million tonnes, up 43,000, or 3.26%, from 2021’s record pace of 1.318 million.
In addition to setting an annual value record with one month to spare, US beef exports also set annual value records in several individual markets, the USMEF said. This included value leader South Korea, where January-November exports reached $2.51 billion – already a full-year record not just for Korea, but for any single destination.
November export volume to Korea increased slightly year-over-year to 23,612 tonnes, despite economic obstacles and a trucker strike that slowed cargo movement near the end of the month. November export value was $185.6 million, down 24% from the large total posted a year ago.
January-November export volume to Korea was up 4% to 267,664 tonnes, and the market is well-positioned to break the 2021 volume record when December results are available, the USMEF said.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $157.47 to $158.16 per cwt, compared with last week’s range of $150.00 to $159.50. FOB dressed steers, and heifers went for $248.04 to $248.42 per cwt, versus $245.58 to $251.79.
The USDA choice cutout Monday was up $3.15 per cwt at $286.14 while select was up $0.26 at $259.60. The choice/select spread widened to $26.54 from $23.65 with 87 loads of fabricated product and 19 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains and in Kansas were not available. The Mar corn contract settled at $6.52 3/4, down $0.01 1/4.
The CME Feeder Cattle Index for the seven days ended Friday was $180.37 per cwt down $0.09. This compares with Monday’s Jan contract settlement of $183.62 per cwt, up $0.92.