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Final Report for 2014 Exports; Net Sales Open New Marketing Year

U.S. beef exports reported in the final week of 2014 (Dec. 26-31) were 7,700 metric tons (mt), which included the following totals: Japan (2,200 mt), Hong Kong (1,800 mt), South Korea (1,200 mt) and Mexico (1,000 mt). Accumulated exports for 2014 totaled 680,200 mt, down 2 percent from the previous year. Exports were larger in 2014 for Hong Kong (+18 percent), Korea (+18 percent), Japan (+10 percent), Taiwan (+3 percent) and “other” (+8 percent), but lower for Mexico (-17 percent) and Canada (-32 percent).

As we have previously discussed, the weekly data reported by exporters to USDA/FAS Export Sales Reporting covers only beef muscle cuts and varies from the official monthly data, which is collected by the Department of Commerce and reported by USDA and USMEF. The monthly data, which is only posted through November, showed beef muscle cut exports up 1 percent – including year-over-year growth to Mexico. Because we suspect there could be issues with the monthly data for Mexico, the weekly data may represent a more accurate depiction of muscle cut export activity.

Beef net sales of 6,000 mt were reported for the 2015 marketing year, which began Jan. 1. Sales were primarily for Japan (4,400 mt), Chile (300 mt), Mexico (300 mt) and Canada (200 mt). A total of 49,100 mt was outstanding on Dec. 31, and carried over to the 2015 marketing year. This was a 61 percent increase from last year’s carryover, including larger volumes still on the books for Korea, Japan, Canada and Hong Kong. Outstanding carryover sales were smaller year-over-year for Mexico and Taiwan.

U.S. pork exports of 11,100 mt were reported for Dec 26-31, and were primarily for Mexico (4,000 mt), Japan (3,000 mt), Korea (1,600 mt) and Canada (900 mt). We still have to wait several months before we have useful year-over-year comparisons for the weekly pork data, as more comprehensive reporting did not begin until August 2014.

The curiously large pork net sales total reported for the Philippines last week (see prior article) was erased this week, resulting in a net sales reduction of 14,300 mt for the 2015 marketing year. Positive net sales were reported for Mexico (3,200 mt), Korea (2,400 mt), Japan (2,400 mt) and Colombia (600 mt), but these results were more than offset by the correction for the Philippines (-24,500 mt). A total of 45,500 mt was outstanding on Dec. 31 and carried over to the 2015 marketing year. Outstanding sales were mainly for Mexico (21,000 mt), Korea (9,000 mt), Japan (4,000 mt), Canada (3,300 mt) and Hong Kong (2,700 mt).

NOTES:

  • Source: USDA/FAS (includes exports and sales of whole muscle cuts).
  • Percent change is compared to the previous four-week average, unless otherwise noted.
  • Export is defined as an actual shipment from the U.S. to a foreign country.
  • Export sale is defined as a transaction entered into between a reporting exporter and a foreign buyer. Sales can be cancelled or adjusted in following weeks, thus “net” sales are reported as the difference between new sales and any cancelations or adjustments.