US pork exports posted another strong performance in October, led by record-large shipments to Mexico and broad-based growth elsewhere, according to data released by USDA and compiled by the US Meat Export Federation.
October beef exports remained well below last year’s large totals but improved from September, led by stronger demand in Mexico and Taiwan, the USMEF said in a release.
PORK EXPORTS UP 3%
October pork exports totaled 245,345 tonnes, up 6,133 tonnes, or 2.56%, from 239,212 last year and the largest since June, the USMEF said. Valued at $688.219 million, the exports’ value was down $12.740 million, or 1.82% from $700.959 million from a year ago.
For the first 10 months of 2023, pork exports increased 187,000 tonnes, or 8.53%, to 2.380 million tonnes from 2.193 million, with value up $372.0 million, or 5.92%, to $6.656 billion from $6.284 billion.
Pork exports to leading-market Mexico reached a record 100,867 tonnes in October, soaring 19% from a year ago, while value climbed 9% to a record $221.1 million, the USMEF said. January-October shipments to Mexico increased 13% over last year’s record pace to 895,221 tonnes, with value up 16% to $1.9 billion.
Pork muscle cut exports to Mexico were record large in October at nearly 87,000 tonnes, which equated to 10.7% of US production, the USMEF said. Through October, pork muscle cut exports were up 11% from last year’s record pace at 763,159 tonnes.
Pork variety meat exports accelerated at an even faster pace – climbing 29% to 132,062 tonnes in October, valued at $248.6 million (up 38%), led by larger shipments of chilled variety meats and frozen stomachs.
BEEF EXPORTS STILL DOWN
October beef exports totaled 104,446 tonnes, down 22,061, or 17.4%, from 126,507 a year ago but about 6% more than the low volume posted in September, the USMEF said. Export value was $836.014 million, down $100.817 million, or 10.8%, from $936.831 million a year ago but about 5% more than in September.
January-October exports of US beef reached 1.085 million tonnes, down 163,000, or 13.1%, from 2022’s record pace of 1.248 million, while value fell $1.760 billion, or 17.5%, to $8.322 billion from $10.082 billion.
A vibrant foodservice sector and a strong peso combined to provide excellent momentum for US beef exports to Mexico, the USMEF said. While Mexico remains a preferred destination for underutilized cuts from the round, cuts from the chuck and rib complex also achieved heightened demand from Mexico, where October exports increased 13% from a year ago to 18,456 tonnes, while value climbed 27% to $108.4 million.
January-October exports to Mexico increased 15% to 171,399 tonnes, valued at $975.8 million – up 25%.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $171.05 per cwt to $172.50, compared with last week’s range of $172.57 to $180.00 per cwt. FOB dressed steers, and heifers went for $272.11 per cwt to $275.17, compared with $274.30 to $279.24.
The USDA choice cutout Tuesday was up $2.35 per cwt at $292.78 while select was down $0.88 at $258.66. The choice/select spread widened to $34.12 from $30.89 with 115 loads of fabricated product and 14 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 $1.38 a bushel over the Mar corn contract, which settled at $4.85 1/4 a bushel, up $0.03 3/4.
No delivery intentions were posted for Dec live cattle Tuesday.
The CME Feeder Cattle Index for the seven days ended Monday was $216.05 per cwt, down $2.32. This compares with Tuesday’s Jan contract settlement of $219.25, up $1.30.