US pork exports continued to build momentum in October, led by a record performance in leading market Mexico, according to data and comments released by USDA and compiled by the US Meat Export Federation.
While beef exports remained lower year-over-year, shipments rebounded to some degree in October, posting the largest totals since June, the USMEF said.
“The latest export data confirm what I consistently hear from customers across the world and from our international staff – that global demand for US red meat remains robust, despite tight supplies and formidable market access barriers,” said USMEF President and CEO Dan Halstrom, in the USMEF release.
PORK EXPORTS UP
Pork exports totaled 264,657 tonnes in October, up 12,246, or 4.85%, from 252,411 a year ago, valued at $762.084 million, up $51.665 million, or 7.27%, from $710.419 million a year ago.
Volume and value were the largest since March, led by substantial growth in Mexico and year-over-year increases to Central America, Canada, Japan, South Korea and the Philippines.
January-October pork exports reached 2.429 million tonnes, just 58,000, or 2.33%, less than 2.487 million, the record pace of 2024, the USMEF said. Export value also was down $146 million, or 2.06%, to $6.926 billion from $7.072 billion.
The year-over-year difference in exports was mostly because of a 20% decline in exports to China, which mainly were variety meats, where US pork is subject to burdensome retaliatory duties, the USMEF said.
BEEF EXPORTS DOWN
Beef exports totaled 93,448 tonnes in October, down 11,821, or 11.2%, year-over-year from 105,269 a year earlier but the largest since June and 15.6% more than the low volume posted in September of 80,835 tonnes, the USMEF said.
Export value in October was the highest since June at $759.511 million, down $100.904 million, or 11.7%, from $860.415 million a year earlier but 14.9%, more than September’s $660.893 million.
October beef exports increased year-over-year to Japan, Taiwan, Canada, the ASEAN region and the Dominican Republic, while also jumping sharply to Colombia, the USMEF said. But these gains were more than offset by lack of access to China, which reduced exports to minimal volumes for the past several months.
For markets other than China, October beef exports were up 5% year-over-year in volume and up 7% in value, the USMEF said.
January-October beef exports totaled 949,471 tonnes, down 116,529 tonnes, or 10.9%, from the 2024 pace of 1.066 million tonnes, while value was down $898.0 million, or 10.3%, to $7.787 billion from $8.685 billion.
When excluding China from these results, exports were down 3% in volume and just 1% in value compared with the first 10 months of 2024, the USMEF said.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $232.00 per cwt to $233.91, compared with last week’s range of $228.00 to $236.00 per cwt. FOB dressed steers and heifers went for $364.43 per cwt to $366.74, compared with $359.10 to $363.90.
The USDA choice cutout Tuesday was up $0.88 per cwt at $357.99 while select was down $0.87 at $357.18. The choice/select spread re-inverted to $0.81 from minus $0.94 with 115 loads of fabricated product and 30 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $409.71 per cwt, and 50% beef was $143.20.
The USDA said basis bids for corn from feeders in the Southern Plains were steady to up $0.05 at $0.95 to $1.10 a bushel over the Mar corn contract, which settled at $4.21 1/2, down $0.24 1/4.
The CME Feeder Cattle Index for the seven days ended Monday was $369.12 per cwt, up $0.56. This compares with Tuesday’s Jan contract settlement of $366.27, up $4.22.