Beef Exports Could Top 2003
Thanks in part to your beef checkoff investment, it’s shaping up to be a great month for foreign marketing efforts, especially with the long-awaited uptick in activity in Mexico.
Exports to all markets averaged 17,212 metric tons over the past fourweeks, indicating October exports could exceed 2003 volumes. For Oct. 22-28, exports were 16,800 metric tons. Week over week exports were higher to Vietnam/Hong Kong (2,765 metric tons), Korea (2,100 metric tons), Taiwan (1,192) and Russia (782 metric tons). Exports to Japan continued the counter-seasonal bounce and averaged 2,662 metric tons for the past 3 weeks—up 71 percent from the same period year-ago. The three week average for Taiwan was double year-ago volumes, at 1,094 metric tons/week. Exports to Mexico averaged over 4,000 metric tons per week for the past 3 weeks, up 37 percent from the 2,953 metric tons/week average for January through September this year. Exports to Hong Kong/Vietnam have averaged 2,300 metric tons per week since September, up 69 percent from January through August volumes.
Net sales slowed to 10,700 metric tons after the previous two weeks were: 27,430 and 19,505 metric tons; putting the prior 4 week average at 18,146 metric tons, thus this week’s sales were down 41 percent from the recent accelerated sales levels. Given the large sales volumes in the previous weekly reports, accumulated outstanding sales now total 87,632 metric tons, up 51 percent from year-ago. So there is plenty of beef on the books to ensure strong export volumes through the remainder of the year. Accumulated exports total 499,900 metric tons, up 29 percent from year-ago. Exports to Asia were up 48 percent to 256,842 metric tons. It appears that US beef prices are relatively competitive and this combined with overseas demand has helped boost export and sales volumes. As one indicator of tight global supplies, the Sao Paulo cutout is over $2.00/pound—as Brazilian beef prices continue to set new records.