Despite a slowdown in weekly beef export sales, US government data on Friday (Jun 4) showed that year-to-date beef exports were up 26% from a year ago, while shipments so far in 2010 were the largest in seven years.

 

The strong export pace - led by Mexico, South Korea, Japan, Canada, Vietnam, and Russia - took analysts by surprise. Russia has stood out as a larger-than-normal buyer and the volume may soon trigger higher import duties later this year that could slow sales there.

 

Smaller supplies in other beef exporting countries have been the primary reason for the surge in US beef sales, analysts said.

 

USDA reported beef export sales at 7,900 tonnes, down 55% from the previous week and down 47% from the four-week average. Export shipments were 11,500 tonnes, down 12% from the prior week.

 

However, the latest shipments put year-to-date exports at 215,900 tonnes, up 26% from a year ago and the largest year-to-date total since 300,236 tonnes of 2003.

 

The robust exports have been one reason for this year's higher beef and cattle prices, which have helped produce sizable profits for beef companies and cattle producers.