Pork Export Overview
Weekly Trends
The weekly pork export trends reveal steady growth compared to 2023, with cumulative export volumes for 2024 exceeding the five-year average in several key markets. Mexico leads the pack, with nearly 670,000 metric tons of pork exported to date, followed by Japan and China at 223,000 and 174,000 metric tons, respectively.
Pricing Insights
Pork cutout values remain competitive, influenced by seasonal demand and changes in primal cut pricing. Derind bellies (9-13 pounds) traded between $75 and $110 per cwt, showing a stable pattern in Q4. The weighted average price of carcass pork remained consistent, reflecting strong consumer demand in major importing countries.
Top Markets
Mexico: A sustained leader in U.S. pork imports, driven by high demand for processed products.
Japan and China: Significant importers, with consistent weekly net sales attributed to the strong purchasing power of these nations.
South Korea and Canada: Secondary markets showing incremental growth.
Beef Export Insights
Weekly and Accumulated Shipments
Weekly beef shipments have maintained robust levels, aligning with the upward trajectory observed in the broader meat export sector. Accumulated export volumes for 2024 are on track to surpass previous years, supported by steady exports to Japan (196,000 metric tons), China (134,000 metric tons), and South Korea (218,000 metric tons).
Market Commitments
Total export commitments, combining shipped and outstanding orders, highlight strong relationships with key trading partners. Japan and South Korea remain vital markets, collectively accounting for over 400,000 metric tons of commitments.
Pricing Trends
Beef cutout values for choice and select cuts displayed resilience, with prices hovering between $280 and $310 per cwt for choice cuts. The choice-select spread remained consistent at $20-$30 per cwt, indicating stable demand across grade tiers. The national average for 90% fresh beef trim was $260-$280 per cwt.
Domestic Production Insights
Slaughter Rates
Cattle: Weekly slaughter rates averaged 120,000 head, with variability linked to holiday season processing schedules.
Hogs: Daily hog slaughter volumes surpassed 480,000 head in December, demonstrating the sector’s operational efficiency.
By-Product Values
Hide and offal values for beef have stabilized at approximately $11.45 per unit, while pork by-products have seen marginal price changes, reflective of consistent supply chain efficiencies.
