Pork Profit Maximizer – Foodservice Edition December 10, 2018
Beef exports remain above year ago levels
Beef export update: US beef exports have declined compared to where they were during the summer but they still remain above year-ago levels. Total exports of fresh/frozen and cooked beef in October were 89,977 MT, 4.7% higher than a year ago. The value of US beef and veal exports in October was $645 million, some $56 million or 9.4% higher than a year ago. Demand for US beef in the world market has been very strong throughout the year and the increase in the value of beef export sales is the best evidence of that. South Korea and Japan have been driving the increase in US beef exports for much of the year and October were no different. Exports to South Korea were 19,010 MT, 2,719 MT or 17% higher than a year ago. Beef exports to Japan were 22,043 MT, 2,077 MT or 10% higher than last year. Mexico is the third largest market for US beef and October exports to that market were 12,633 MT, 4% higher than a year ago. However, the value of US beef exports to Mexico was up 14% compared to last year’s levels. In addition to buying a fair amount of US beef muscle cuts and trim, Mexico is also the biggest buyer of US beef variety meats (offal, etc).