Beef Price per Ton June 2022

U.S. Beef Export Price per Ton June 2022

In June 2022, the beef price per ton stood at $9,099 (FOB, US) in June 2022, approximately reflecting the previous month. In general, the export price continues to indicate a mild shrinkage. The export price peaked at $9,765 per ton in January 2022; however, from February 2022 to June 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In June 2022, the country with the highest price was Hong Kong SAR ($13,402 per ton), while the average price for exports to Japan ($7,154 per ton) was amongst the lowest.

From January 2022 to June 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+2.6%), while the prices for the other major destinations experienced a decline.

U.S. Beef Export Prices by Type

Prices varied noticeably by the product type; the product with the highest price was meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), fresh or chilled ($12,268 per ton), while the average price for exports of meat; of bovine animals, carcasses and half-carcasses, fresh or chilled ($5,282 per ton) was amongst the lowest.

From January 2022 to June 2022, the most notable rate of growth in terms of prices was recorded for the following types: meat; of bovine animals, carcasses and half-carcasses, frozen (+10.8%), while the prices for the other products experienced mixed trend patterns.

U.S. Beef Exports

In June 2022, overseas shipments of beef (cattle meat) decreased by -2.2% to 102K tons for the first time since February 2022, thus ending a three-month rising trend. The total export volume increased at an average monthly rate of +1.6% over the period from January 2022 to June 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain months. The most prominent rate of growth was recorded in March 2022 with an increase of 20% against the previous month. Over the period under review, the exports hit record highs at 104K tons in May 2022, and then fell modestly in the following month.

In value terms, beef exports declined modestly to $926M (IndexBox estimates) in June 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in March 2022 when exports increased by 19% month-to-month. Over the period under review, the exports reached the peak figure at $948M in May 2022, and then shrank modestly in the following month.

U.S. Beef Exports by Type

Meat; of bovine animals, boneless cuts, frozen (54K tons), meat; of bovine animals, boneless cuts, fresh or chilled (32K tons) and meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), frozen (13K tons) were the main products of beef exports from the United States, together accounting for 97% of total exports. Meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), fresh or chilled, meat; of bovine animals, carcasses and half-carcasses, frozen and meat; of bovine animals, carcasses and half-carcasses, fresh or chilled lagged somewhat behind, together accounting for a further 2.5%.

From January 2022 to June 2022, the most notable rate of growth in terms of shipments, amongst the major product types, was attained by meat; of bovine animals, carcasses and half-carcasses, frozen (with a CAGR of +54.2%), while the other products experienced more modest paces of growth.

In value terms, the most traded types of beef (cattle meat) in the United States were meat; of bovine animals, boneless cuts, frozen ($450M), meat; of bovine animals, boneless cuts, fresh or chilled ($336M) and meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), frozen ($110M), with a combined 97% share of total exports. Meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), fresh or chilled, meat; of bovine animals, carcasses and half-carcasses, frozen and meat; of bovine animals, carcasses and half-carcasses, fresh or chilled lagged somewhat behind, together accounting for a further 3.2%.

Meat; of bovine animals, carcasses and half-carcasses, frozen, with a CAGR of +70.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main product categories over the period under review, while shipments for the other products experienced more modest paces of growth.

U.S. Beef Exports by Country

South Korea (24K tons), Japan (24K tons) and China (20K tons) were the main destinations of beef exports from the United States, with a combined 66% share of total exports. These countries were followed by Mexico, Canada, Taiwan (Chinese) and Hong Kong SAR, which together accounted for a further 20%.

From January 2022 to June 2022, the biggest increases were in Hong Kong SAR (with a CAGR of +8.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for beef exported from the United States were South Korea ($226M), China ($191M) and Japan ($168M), together accounting for 63% of total exports. These countries were followed by Taiwan (Chinese), Canada, Mexico and Hong Kong SAR, which together accounted for a further 22%.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +7.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform