U.S. pork and beef exports increase in weight and value.
Several factors have been helping cattle and hog producers get a little more for their products in recent months. Increases in the amount and value of meat exported to other countries have been part of the equation pushing prices higher.
Transcript
Several factors have been helping cattle and hog producers get a little more for their products in recent months. Increases in the amount and value of meat exported to other countries have been part of the equation pushing prices higher.
U.S. exports of pork in March were up less than one-tenth of one percent over a year ago at 260,430 metric tons and the product was worth two percent more at $740 million. According to recently released USDA data, compiled by the United States Meat Export Federation, an agency funded in part by check-off dollars, Mexico continues to be the number one market for U.S. pork. Despite its number one status, total tonnage was off more than 10 percent and the value of the product dropped about as much to $178 million. However, first quarter sales are up nearly 5 percent and revenues are just over 6 percent higher.
Pork exports to the rest of the world were mixed. Shipments to Australia, New Zealand and other points in the South Pacific skyrocketed by 150 percent. Exports to Japan and the Philippines trended slightly lower. Sales to China, the number one buyer of U.S. pork variety meats, fell by 4 percent in volume and more than 15 percent in value to $195 million.
Analysts at the National Pork Board, which also receives check-off dollars, feel that exports will be key to making a profit going forward but they don’t expect China demand to be a factor. Further, they believe U.S. exporters are facing economic headwinds in some Central American and Asian markets due to increased competition from Brazil.
Worldwide exports of U.S. beef moved lower when compared to last year. Even though the total tonnage was off 10 percent at 108,218 metric tons the value stayed nearly even with last year at this time at $890 million. The market leader continues to be South Korea, however volumes were lower than a year ago but the product brought in a little bit more revenue at just over $210 million.
First quarter beef exports to Canada, America’s number one trading partner, dipped slightly from a year ago while export value was nearly 20 percent higher at $194 million.
Year-over-year exports to China, America’s number three trading partner, also trended lower in March, falling nearly 15 percent in volume and by more than 10 percent in dollar value to $168 million.
March beef export volume to Mexico fell 5 percent below the year-ago level, but the export value increased by nearly as much.
Economic analysts at USMEF say it’s a challenging situation in terms of supply availability, but the value that U.S. beef commands internationally is encouraging.
For Market to Market, I’m David Miller.
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