Total shipments last month were 76,417 MT, down 16,788 MT (‐18%) compared to a year ago.
Beef exports were expected to be down sharply and the official statistics confirmed that expectation. Total shipments last month were 76,417 MT, down 16,788 MT (‐18%) compared to a year ago. We think October exports will be around 81,000 MT, better than in September but still about 20% lower than last year.
Export sales have improved somewhat the last two weeks and the pullback in prices may see a bit more US beef sold to export. But outstanding sales are about 45% lower than last year, all but assuring double digit declines in exports for all of Q4. As with pork, exports to Asian markets are particularly weak.
Shipments of fresh, frozen and cooked beef to Japan were 14,214 MT, 32% lower than a year ago. The value of exports to Japan was $101 million, $37.4 million (‐27%) lower than a year ago. China was a growing market in 2021 and 2022 but has taken a big step back this year. September shipments to China were 14,062 MT, down 19% while shipments to S. Korea at 16,414 MT were 25% lower. The two markets taking more beef than a year ago: Mexico (+8%) and Canada (+5%).
Source: Daily Livestock Report - Steiner Consulting Group
The Daily Livestock Report provides a one-page summary of news, prices, fundamental indicators, and trading activity on CME's Livestock Complex. Daily illustrations of supply and demand factors help you learn to track the markets and anticipate price trends.
