US Pork Exports Mixed As Beef Continues Struggle

Fueled by another outstanding performance from Mexico, August exports of US pork increased year over year, according to data released by USDA and compiled by the US Meat Export Federation.

US beef exports were less than year-ago levels in August, and pork exports, while up from last year, recorded the second lowest monthly total for the year, the USMEF said in a release.

 

PORK EXPORTS MIXED

 

August pork exports totaled 238,989 tonnes, up 12,470, or 5.51%, from 226,519 tonnes a year ago, but it was the second lowest of 2024, the USMEF said.  Export value increased $53.410 million, or 8.22%, to $702.906 million from $649.496 million last year.

For January through August, pork exports totaled 1.997 million tonnes, up 83,394, or 4.35%, from 1.913 million a year ago, while valued climbed $352 million, or 6.61%, to $5.676 billion from $5.324 billion, the USMEF said.

Pork export value was on a record pace through August, and the USMEF projected export volume and value will reach record highs for 2024.

Pork exports to leading market Mexico remained on a record pace, with August shipments up about 4% from a year ago to 94,935 tonnes, while value climbed about 9% to $230.6 million, the USMEF said.  For January through August, exports to Mexico were about 8% more than last year’s pace in volume at 758,712 tonnes and about 14% higher in value at $1.68 billion.

 

BEEF EXPORTS DOWN

 

Beef exports totaled 102,682 tonnes in August, down 2,318, or 2.13%, from 109,000 a year ago and the lowest since January, the USMEF said.  Export value fell $37.961 million, or 4.29%, to $845.918 million from $883.879 million last year.

Through the first eight months of the year, beef exports were 24.509 tonnes, or 2.78%, less than last year at 856,834 tonnes, versus 881,343 tonnes, but were $289 million, or 4.32%, higher in value at $6.980 billion, compared with $6.691 billion.

Mexico’s demand for US beef remained robust in August, with exports increasing about 2% from a year ago in volume at 19,037 tonnes and value at $113.2 million, the USMEF said.  For January through August, beef shipments to Mexico increased about 13% to 153,591 tonnes, while value climbed about 16% to $898.5 million.

That included a strong increase in beef variety meat exports, which were up about 15% to 81,816 tonnes, valued at $221.4 million (up 9%), the USMEF said.  Mexico is the largest volume destination for US beef variety meat.

 

CATTLE, BEEF RECAP

 

The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $185.99 per cwt to $188.49, compared with last week’s range of $180.03 to $188.29 per cwt.  FOB dressed steers, and heifers went for $290.85 per cwt to $294.92, compared with $288.63 to $297.87.

The USDA choice cutout Wednesday was up $1.34 per cwt at $308.18 while select was up $0.02 at $288.63.  The choice/select spread widened to $19.55 from $18.23 with 170 loads of fabricated product and 19 loads of trimmings and grinds sold into the spot market.

The USDA-listed weighted average wholesale price for fresh 90% lean beef was $351.01 per cwt, and 50% beef was $67.92.

The USDA said basis bids for corn from feeders in the Southern Plains were up $0.03 to $0.08 at $1.31 to $1.48 a bushel over the Dec corn contract, which settled at $4.21 a bushel, up $0.00 1/4.

No delivery intentions were posted Wednesday for the Oct live cattle contract.

The CME Feeder Cattle Index for the seven days ended Tuesday was $249.48 per cwt, up $0.73.  This compares with Wednesday’s Oct contract settlement of $249.27, down $1.05.