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CME: Total Beef Exports in May Up 3.8% Higher Than a Year Ago

11 July 2017

US - While overall red meat and poultry exports were higher in May, pork exports were particularly strong, driven by robust demand from Mexico and a number of Asian markets, reports Steiner Consulting Group, DLR Division, Inc.

Below is a brief recap of what the weekly export data implies for June/July:

Total exports of fresh/frozen and cooked beef in May were 75,150 MT, 3.8 per cent higher than the previous year. When converted to carcass weight basis beef exports in May were up 3.2 per cent.

Exports to Japan in May were 21,206 MT, 11 per cent higher than the same period a year ago. Beef exports to Hong Kong were up 29 per cent and exports to Taiwan increased 23 per cent from last year.

Not all destinations showed growth, however. Exports to Mexico in May were down 3 per cent following a 14 per cent decline in April. For the year, however, beef exports to Mexico still are up 8 per cent compared to the same period a year ago.

Exports to South Korea also declined but that’s because May 2016 beef exports to South Korea were particularly large. It will be interesting to see how exports to this market progress in the second half of the year.

Last year Jul-Dec beef exports to South Korea were up 65 per cent and matching those levels will be difficult. Beef exports to Canada remain weak, in part due to the exchange rate effect but also because Canadian producers are keeping more feeders domestically and bolstering domestic fed supplies. Exports to Canada were down 25 per cent in May but still up about 8 per cent for the year.

Weekly beef export trends so far have been quite positive and imply June shipments up about 10 per cent from the previous year. If the current trend is maintained, it would also imply a 5.6 per cent increase in July US beef exports.

Daily Livestock Report - Copyright © 2008 CME. All rights reserved.

TheCattleSite News Desk

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