US September pork exports increased 10% year-over-year, keeping 2020 exports on a record pace, according to data released by the USDA and compiled by the US Meat Export Federation.
Beef exports were fairly steady with last year in major Asian markets but trended lower overall, the USMEF said.
CHINA LEADS AS US PORK BUYER
China was the major buyer of US pork in September, but other markets rose as well, the USMEF said. Total pork exports reached 222,475 tonnes for the month, up 20,227 tonnes, or 10.0%, from 202,248 a year earlier with value increasing $31.003 million, or 5.83%, to $563.175 million from $532.172 million.
Through the first three quarters of the year, pork exports of 2.216 million tonnes were 310,586 tonnes, or 16.3%, ahead of last year’s record pace of 1.905 million, the USMEF said. The nine-month total value of $5.689 billion was $802 million, or 16.4%, more than last year’s $4.887 billion.
The increases were even stronger for pork muscle cuts, which jumped 331,429 tonnes, or 21.5%, to 1.870 million tonnes from 1.538 million, valued at $4.934 billion, up $774 million, or 18.6%, from $4.160 billion.
Pork export value averaged $51.07 per head slaughtered in September, up 2% from a year ago, while the January-September average increased 14% to $58.63, the USMEF said. Exports accounted for 26.5% of total pork production in September and 23.9% for muscle cuts only, up from 25.1% and 21.7%, respectively.
Through September, pork exports accounted for 29.6% of total production and 26.9% for muscle cuts, up from the 2019 ratios of 26.3% and 22.8%, the USMEF said.
“Exporting countries are watching the hog production recovery in China very closely, because we know its demand for imported pork is moderating,” said USMEF President and CEO Dan Halstrom, in a release.
SEPTEMBER BEEF EXPORTS DOWN
September beef exports of 103,277 tonnes were down 6,522 tonnes, or 5.94%, from 109,799 tonnes a year ago, the USMEF said. They were valued at $600.911 million, down $60.432 million, or 9.14%, from $661.343 million a year ago.
Through September, beef exports of 911,936 tonnes trailed last year’s pace of 991,325 tonnes by 79,389 tonnes, or 8.01%, in volume and $549 million, or 9.00%, in value ($5.551 billion vs $6.100 billion).
Beef export value averaged $274.31 per head of fed slaughter in September, down 14% from a year ago, while the January-September average fell 5% to $295.21, the USMEF said. Exports accounted for 12.8% of September beef production and 10.5% for muscle cuts only, down from 14.6% and 11.9%, respectively, in September 2019.
January-September exports accounted for 13.2% of total beef production and 11% for muscle cuts, down from 14.3% and 11.6%, respectively, the USMEF said.
CATTLE, BEEF RECAP
Fed cattle trading was done this week at $106 to $107.25 per cwt on a live basis, up $0.75 to $3 from last week. Dressed-basis trading was done at $160 to $167 per cwt, steady to up $5.
The USDA choice cutout Thursday was up $2.36 per cwt at $212.55, while select was up $1.92 at $198.97. The choice/select spread widened to $13.59 from $13.14 with 128 loads of fabricated product and 21 loads of trimmings and grinds sold into the spot market.
The USDA reported Thursday that basis bids for corn from livestock feeding operations in the Southern Plains were unchanged at $1.20 to $1.25 per bushel over the Dec CME futures contract, which settled at $4.09 1/4 a bushel, up $0.04.
The CME Feeder Cattle Index for the seven days ended Wednesday was $137.91 per cwt, down $0.66. This compares with Thursday’s Nov contract settlement of $137.57 per cwt, down $1.25.