US exports of pork and beef muscle cuts were strong in October, although shipments of beef variety meats trended lower and drug the total slightly lower, according to data released by the USDA and compiled by the US Meat Export Federation.
“While the tight labor situation continues to limit the cut and variety meat specifications available for export, red meat demand is strengthening in many critical markets,” said USMEF President and CEO Dan Halstrom, in a release.
TOTAL BEEF EXPORTS SLIGHTLY LOWER
Total October beef exports were down 426 tonnes, or 0.39%, from 108,017 tonnes a year ago at 107,591 tonnes, valued at $645.989 million, down $3.070 million, or 0.47%, from $649.059 tonnes.
For January through October, exports of 1.020 million tonnes trailed last year’s pace of 1.099 million by 79.815 tonnes, or 7.26%. Year-to-date exports also were lower in value at $6.197 billion, compared with $6.750 billion, a decline of $552.030 million, or 8.18%.
Beef muscle cut exports trended higher than a year ago in October, increasing 3,730 tonnes, or 4.56%, to 85,445 tonnes from 81,715 tonnes valued at $573.754 million up $5.751 million, or 0.99%, from $579.505 million.
January-October muscle cut exports were 39,929 tonnes, or 4.80%, less than last year in volume at 791,674 tonnes from 831,603 tonnes and $468.758 million, or 7.88%, lower in value at $5.483 billion from $5.952 billion.
Beef export value averaged $283.94 per head of fed slaughter in October, steady with last year, the USMEF said. The January-October average was $293.99, down 5% from a year ago.
Exports accounted for 12.7% of October beef production, down slightly from a year ago, the USMEF said. But for muscle cuts only, the percentage increased from 10.5% a year ago to 10.8%. January-October exports accounted for 13.2% of total beef production and 11% for muscle cuts, each down about one-half percentage point from a year ago.
PORK EXPORTS RISE
October pork exports of 242,536 tonnes were up 17,160, or 7.61%, year-over-year from 225,376, with value increasing $49.099 million, or 8.29%, to $641.142 million from $592.043 million.
Through the first 10 months of the year, exports were 327,746 tonnes or 15.4%, ahead of last year’s record pace at 2.458 million tonnes, compared with 2.130 million, with value up $850.868 million, or 15.5%, to $6.330 billion from $5.479 billion.
October pork muscle cut exports posted double digits gains at 201,723 tonnes, up 20,189 tonnes, or 11.1%, from 181,534 tonnes, with value up $49.510 million, or 9.86%, to $551.807 million from $502.291 million. This pushed January-October totals for pork muscle cuts to 2.072 million tonnes, up 20.4%, from 1.720 million, valued at $5.485 billion, up 18%.
CATTLE, BEEF RECAP
Fed cattle trading was reported in the Plains this week at $106 to $108 per cwt on a live basis, down $4 from last week. Dressed-basis trading was seen at $168 to $170 per cwt, down $4.
The USDA choice cutout Wednesday was down $6.76 per cwt at $218.26, while select was off $3.77 at $201.65. The choice/select spread narrowed to $16.61 from $19.60 with 172 loads of fabricated product and 35 loads of trimmings and grinds sold into the spot market.
The USDA reported Wednesday that basis bids for corn from livestock feeding operations in the Southern Plains were unchanged at $1.05 to $1.09 a bushel over the Mar CBOT futures contract, which settled at $4.23 3/4 a bushel, up 0.04.
No delivery intentions for live cattle futures were posted Wednesday.
The CME Feeder Cattle Index for the seven days ended Tuesday was not available. Wednesday’s Jan contract settlement was $137.02 per cwt, down $0.55.