US red meat exports closed the first half of the year on a strong note, according to data released by the USDA and compiled by the US Meat Export Federation.
Although volume and value eased from the enormous totals posted in April and May, export value was still the highest on record for the month of June, and first-half shipments established a record pace for beef and pork exports, the USMEF said in a release.
BEEF EXPORTS UP
June beef exports totaled 112,249 tonnes, up 33,236, or 42.1% from 79,013 tonnes a year ago when exports were still hampered by a COVID-related slowdown in production, the USMEF said. Export value was $804.420 million, up $312.145 million, or 63.4%, from $492.275 million a year ago and the third highest on record after April and May of this year.
First-half beef exports reached 700,087 tonnes, up 108,478, or 18.3%, from 591,609 tonnes a year ago, valued at $4.642 billion, up $1.013 billion, or 27.9%, from $3.629 billion a year ago. Compared with 2018, the record year for US beef exports, first-half results were up about 6% in volume and 15% in value.
Beef export value equated to $351.18 per head of fed slaughter in June, up 60% from last June’s COVID-affected average, the USMEF said. The first-half per-head average was $359.49, up 20% from a year ago.
June beef exports accounted for 13.6% of total production and 11.5% of muscle cuts, both dramatically higher than a year ago, the USMEF said. In the first half, exports accounted for 14.7% of total beef production and 12.5% for muscle cuts, each up about 1.5 percentage points from a year ago.
PORK EXPORS UP
Pork exports reached 238,935 tonnes in June, up 31,754, or 15.3%, from 207,181 tonnes a year ago, while export value climbed $180.540 million, or 35.0%, to $696.806 million from $516.266 million, the USMEF said.
First-half pork exports topped last year’s record pace of 1.553 million tonnes by 22,000 tonnes, or 1.42%, at 1.575 million tonnes, valued at $4.326 billion, up $277 million, or 6.84%, from $4.049 billion, the USMEF said.
Pork export value equated to $65.44 per head slaughtered in June, up 42% from a year ago, the USMEF said. Per-head value averaged $67.04 in the first half, up 5%.
June pork exports accounted for 29.4% of total pork production and 25.5% of muscle cuts, both up significantly from a year ago, the USMEF said. In the first half, exports accounted for 31.4% of total pork production (steady with last year) and 28.1% for muscle cuts, down 0.5 percentage point from a year ago.
CATTLE, BEEF RECAP
Fed cattle traded last week at $120 to $127.50 per cwt, up $1 to $4.50 from the previous week. Dressed-basis trades were done at $196 to $198 per cwt, steady to up $2.
The USDA choice cutout Monday was up $3.54 per cwt at $299.80, while select was up $3.72 at $280.81. The choice/select spread narrowed to $18.99 from $19.17 with 70 loads of fabricated product and 34 loads of trimmings and grinds sold into the spot market.
The USDA reported Monday that basis bids for corn from livestock feeding operations in the Southern Plains were up $0.04 to $0.09 a bushel at $1.90 to $2.00 a bushel over the Sep futures and for southwest Kansas were unchanged at $0.70 over Sep, which settled at $5.50 1/4 a bushel, down $0.04 3/4.
No live cattle delivery intentions were posted Monday.
The CME Feeder Cattle Index for the seven days ended Friday was $156.30 per cwt down $0.25. This compares with Monday’s Aug contract settlement of $159.30 per cwt, down $0.55.