October US Pork, Beef Exports Up

October US pork exports were the largest in more than a year, while beef export volume also increased from a year ago, according to data released by USDA and compiled by the US Meat Export Federation.

USMEF President and CEO Dan Halstrom said in a release that October’s pork results were bolstered by outstanding growth in variety meat exports, which set a new value record at $126.2 million with the second largest volume on record at more than 55,000 tonnes, he said.

 

PORK EXPORTS UP 5%

 

Pork exports reached 238,198 tonnes in October, up 11,992, or 5.30%, from 226,206 a year ago and the largest since June 2021, the USMEF said.  Pork export value increased $78.476 million, or 12.7%, to $697.312 million from $618.836 million, and the highest since May 2021.

For January through October, pork exports were 288,000 tonnes, or 11.7%, less than last year at 2.181 million tonnes, compared with 2.469 million, valued at $6.264 billion, down 580 million, or 8.47%, from $6.844 billion last year.

Pork variety meat exports, which averaged nearly $10 per head slaughtered in 2021, were particularly strong in October at 55,271 tonnes – up 33% from a year ago and the second largest volume on record, the USMEF said.  Export value was record high at $126.2 million, up 29%.

 

BEEF EXPORTS UP 8%

 

October beef exports totaled 125,466 tonnes, up 9,757, or 8.43%, from 115,709 a year ago, the USMEF said.  Export value was $929.797 million, down $27.089 million, or 2.83%, from $956.886 million, the large total reported in October 2021.

In the first 10 months of 2022, beef export value increased $1.520 billion, or 17.8%, from last year’s record pace of $8.533 billion to reach $10.053 billion – topping $10 billion in a single year for only the second time, the USMEF said.  January-October export volume was 1.245 million tonnes, up 50,000, or 4.18%, from 1.195 million a year ago.

Demand for US beef in China/Hong Kong remained resilient in October, increasing significantly from a year ago despite China’s COVID-related travel restrictions and periodic lockdowns in several major metropolitan areas, the USMEF said.  China/Hong Kong was the leading destination for US beef in October at 26,170 tonnes, up 21% from a year ago, while value climbed 19% to $240.8 million.

January-October beef exports to China/Hong Kong increased 23% to 243,198 tonnes, while value was up 32% to $2.23 billion, the USMEF said.  China/Hong Kong now is the second highest value destination for US beef, trailing only South Korea and the third largest volume market behind Japan and Korea, but trails Korea by less than 1,000 tonnes.

 

CATTLE, BEEF RECAP

 

The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $155.00 to $159.00 per cwt, compared with last week’s range of $149.09 to $159.50.  FOB dressed steers, and heifers went for $243.70 to $248.81 per cwt, versus $237.81 to $250.98.

The USDA choice cutout Thursday day was down $1.68 per cwt at $247.28 while select was up $0.78 at $220.55.  The choice/select spread narrowed to $26.73 from $29.19 with 114 loads of fabricated product and 29 loads of trimmings and grinds sold into the spot market.

The USDA said basis bids for corn from feeders in the Southern Plains were steady at $1.90 to $2.10 a bushel over the Mar futures and for southwest Kansas were unchanged at $1.00 over Mar, which settled at $6.42 1/2, up $0.01 1/4.

No cattle contracts were tendered for delivery Thursday.

The CME Feeder Cattle Index for the seven days ended Wednesday was $179.23 per cwt up $0.21.  This compares with Thursday’s Jan contract settlement of $183.47, up $2.57.