Exports of US beef and pork posted year-over-year increases in October, according to data released by the USDA and compiled by the US Meat Export Federation, with pork exports well-positioned to set annual volume and value records for 2024.
BEEF EXPORTS UP
October beef exports totaled 105,269 tonnes, up 823,000, or 0.79%, from 104,446 tonnes a year ago, while value increased $24.401 million, or 2.92%, to $860.415 million from $836.014 million, a USMEF release said.
Beef shipments to Mexico maintained their 2024 performance in October, while exports rebounded to South Korea and China/Hong Kong, the USMEF said. For January through October, beef export value was $363 million, or 4.36%, more than last year at $8.685 billion, versus $8.322 billion, despite a 19,000-tonne, or 1.75%, decline in volume to 1.066 million tonnes from 1.085 million.
Beef exports to China/Hong Kong totaled 20,493 tonnes in October, up about 16% from a year ago and the largest since June 2023, the USMEF said. Export value climbed 17% to $190.6 million, also the highest since June 2023.
January-October exports to China/Hong Kong were about 8% less than last year in volume at 177,542 tonnes and 3% less in value at $1.64 billion, the USMEF said.
PORK EXPORTS ELEVATED
Pork exports reached 252,411 tonnes in October, up 7,066, or 2.88%, from 245,345 a year ago, while value climbed $22.2 million, or 3.23%, to $710.419 million from $688.219 million, the USMEF said.
Although shipments to leading market Mexico declined slightly, this was more than offset by growth in Japan, Central America, the Caribbean, Oceania and the ASEAN region, the USMEF said.
Through the first 10 months of 2024, pork exports increased 107,000 tonnes, or 4.50%, from a year ago to 2.487 million tonnes from 2.380 million, valued at $7.071 billion. up 415 million, or 6.23%, from $6.656 billion. The USMEF said for the year, exports were projected to surpass 3 million tonnes for the first time, exceeding the 2020 volume record of 2.98 million tonnes and topping last year’s value record of $8.16 billion.
Pork exports to leading market Mexico reached new heights in 2024 but trended modestly lower in October, falling about 2% from a year ago in volume at 98,728 tonnes and value at $216.5 million, the USMEF said. Through the first 10 months of the year, exports to Mexico still were about 6% more than last year’s record pace at 948,932 tonnes, valued at $2.1 billion, up 11%.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $191.48 per cwt to $191.94, compared with last week’s range of $189.83 to $193.00 per cwt. FOB dressed steers, and heifers went for $298.61 per cwt to $300.64, compared with $292.77 to $303.53.
The USDA choice cutout Monday was up $2.00 per cwt at $314.14 while select was up $2.61 at $279.34. The choice/select spread narrowed to $34.80 from $35.31 with 62 loads of fabricated product and 15 loads of trimmings and grinds sold into the spot market.
The USDA-listed weighted average wholesale price for fresh 90% lean beef was $321.55 per cwt, and 50% beef was $80.40.
The USDA said basis bids for corn from feeders in the Southern Plains were $1.26 to $1.43 a bushel over the Mar corn contract and in Kansas were unchanged at $0.15 over Mar. Mar settled at $4.41 3/4, up $0.01 3/4.
No delivery intentions were posted for the Dec live cattle contract Monday.
The CME Feeder Cattle Index for the seven days ended Friday was $262.25 per cwt, up $0.42. This compares with Monday’s Jan contract settlement of $255.80, down $0.02.