US pork exports topped year-ago totals for the second straight month in September, according to data released by the USDA and compiled by the US Meat Export Federation, the USMEF said in a release.
September beef exports were less than last year for the first time in 2022, but exports remained on a record pace through the first three quarters of the year, the USMEF said.
PORK EXPORTS RISE
Pork exports reached 222,202 tonnes in September, up 2,515, or 1.14%, from 219,687 a year ago, the USMEF said. Export value increased $56.526 million, or 9.29%, to $664.786 million from $608.260 million – the highest since June 2021.
Through September, pork exports were 1.943 million tonnes, 299 million, or 13.3%, less than last year’s 2.242 million, valued at $5.567 billion, down $659 million, or 10.6%, from $6.226 billion last year.
September pork exports once again were led by Mexico, though shipments slipped below year-ago volume for the first time since early 2021, the release said. September exports totaled 76,084 tonnes, down 4.5%, but export value still increased an impressive 25% to $176.4 million.
Through the first three quarters of the year, pork exports to Mexico remained on a record pace at 696,802 tonnes, up 12% from a year ago, while value increased 15% to $1.42 billion, the USMEF said. Demand was bolstered by a very stable Mexican peso, which held relatively steady with year-ago levels versus the US dollar.
BEEF EXPORTS DECLINE
September beef exports totaled 115,487 tonnes, down 8,141, or 6.59%, from 123,628 tonnes a year ago, valued at $890.266 million, down $63.807 million, or 6.69%, from $954.073 million a year ago, the USMEF release said.
For the first nine months of 2022, beef exports were still 41,000 tonnes, or 3.80%, more than last year’s 1.079 million tonnes at 1.120 million, the release said. Export value reached $9.124 billion, up $1.548 billion, or 20.4%, from $7.576 billion, already achieving the second highest total for any calendar year, trailing only the 2021 record of $10.58 billion.
September beef export volume to Korea was down 5% from a year ago at 22,120 tonnes, while export value declined 9% to $188.8 million – the lowest in 15 months, the USMEF said. Through September, exports to Korea remained 3% more than last year’s record pace at 219,869 tonnes, with value up 24% to $2.12 billion.
Similar to pork, Korea recently opened a 100,000-tonne, duty-free quota for imported beef, which helped bolster demand amid rising inflation and sharp devaluation of the Korean won, the release said.
However, the quota also temporarily eliminated US beef’s tariff rate advantage over major competitors. The quota was scheduled to remain open through December, but it was fully utilized by mid-October.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $152.76 to $153.77 per cwt, compared with last week’s range of $150.00 to $154.40. FOB dressed steers, and heifers went for $237.41 to $237.90 per cwt, versus $233.15 to $242.13.
The USDA choice cutout Monday was up $0.80 per cwt at $264.55 while select was up $4.02 at $235.92. The choice/select spread narrowed to $28.63 from $31.85 with 72 loads of fabricated product and 25 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 $2.15 to $2.25 a bushel over the Dec futures and for southwest Kansas were steady at $1.00 over Dec, which settled at $6.75 3/4, down 5 1/4.
The CME Feeder Cattle Index for the seven days ended Friday was $176.91 per cwt down $0.08. This compares with Monday’s Nov contract settlement of $178.22, up $0.40.