US - Latest weekly beef export data is "quite positive" for the cattle market, according to leading analysts.
Shipments of muscle cuts in the last four weeks have averaged 12,224 MT, compared to 12,238 MT during the same four week period a year ago.
Len Steiner and Stever Meyer in their daily livestock report for the CME write that, despite the very strong dollar, US exports to Japan during this four week period were 20 per cent higher than a year ago and exports to S. Korea were up 18 per cent.
Mexico demand has suffered and this is the biggest drag for US beef shipments, down 38 per cent compared to last year. As with pork, we have shown the ratio of weekly vs. monthly exports, which in the last four months has averaged about 83 per cent .
If the ratio holds, we could see March beef exports at around 65,000 MT, 4 per cent higher than last year. An early projection for beef currently pegs shipments at over 65,000 MT, +one per cent vs. Apr 2014.
TheCattleSite News Desk