Through August this year, US beef imports rose 20.9% to just over 3.0 billion pounds as exports fell 3.6% to about 2.5 billion, according to the Livestock Marketing Information Center referencing USDA Economic Research Service data.
The LMIC made the comment in a letter called In The Cattle Markets.
US BEEF IMPORTS RISE
US imports from Canada over the period were 658.8 million pounds, up 3.2% year-to-date, while year-over-year imports were down 1.9% in August, the LMIC said.
Australia had the strongest growth in 2024, with imports rising 69.9% to 635.7 million pounds through eight months, including a 46.3% increase year-over-year in August, the LMIC said. Brazil and New Zealand followed with year-to-date increases of 41.9% (496.2 million pounds) and 8.8% (436.1 million pounds), respectively.
However, in August, Brazil’s imports surged 186.2%, while New Zealand’s dropped 10.4%, the LMIC said. Mexico was the outlier for imports, declining 15.5% year-to-date (386.1 million pounds) and 4.1% year-over-year.
Beef exports saw reductions across all major trading partners except Mexico, which rose 10.8% to 226.5 million pounds year-to-date, Japan (448.8 million pounds), South Korea (408.8 million pounds), China (314 million pounds), Canada (176.9 million pounds), and Taiwan (132.6 million pounds) saw year-to-date declines of 0.2%, 11.9%, 10%, 4.2%, and 3.6%, respectively.
US PORK IMPORTS RISE
US pork imports rose 4.0% through August to 775.2 million pounds, with increases being sustained from Denmark (up 39% to 55.1 million pounds), Poland (up 2.5% to 33.5 million pounds), and the Netherlands (up 101.4% to 14.8 million pounds), the LMIC said. However, US imports from key partners, Canada and Mexico, fell 5.2% and 4.9% to 472.5 million and 60.0 million pounds, respectively, from January to August.
US pork exports grew 4.6% to 4.7 billion pounds through the first eight months of the year, driven by increases from Mexico (up 6.5% to 1.8 billion pounds) and South Korea (up 28.2% to 493.8 million pounds), the LMIC said.
Meanwhile, year-to-date US exports through August to Japan, Canada, and China declined by 2.9%, 3.1% and 30.3%, reaching 735.5 million, 342.7 million, and 267.6 million pounds, respectively.
US LAMB IMPORTS RISE
Through August, US lamb imports rose 38.1% to 211.7 million pounds, with Australia and New Zealand contributing to the growth, up 39.4% and 35.6% to 154.4 and 54.7 million pounds, respectively, the LMIC said. Lamb exports also increased by 34.6% to 557 thousand pounds, largely from Mexico’s demand, which surged 315.8% to 327 thousand pounds.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $187.00 per cwt to $189.35, compared with last week’s range of $185.99 to $188.49 per cwt. FOB dressed steers, and heifers went for $292.16 per cwt to $298.16, compared with $290.85 to $297.16.
The USDA choice cutout Wednesday was up $2.30 per cwt at $319.13 while select was up $0.28 at $292.37. The choice/select spread widened to $26.76 from $24.74 with 124 loads of fabricated product and 21 loads of trimmings and grinds sold into the spot market.
The USDA-listed weighted average wholesale price for fresh 90% lean beef was $356.84 per cwt, and 50% beef was $65.95.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.25 to $1.40 a bushel over the Dec corn contract, which settled at $4.04 3/4 a bushel, up $0.03 1/2.
Sis steer contracts were tendered for delivery against the Oct live cattle futures Wednesday. Ten more were retendered at one, and 10 were demanded at one.
The CME Feeder Cattle Index for the seven days ended Tuesday was $249.45 per cwt, down $0.44. This compares with Wednesday’s Oct contract settlement of $246.10, down $0.42.