Pork net sales continues its roller coaster pattern for another week, dropping 16.5 percent to 7,100 metric tons (MT), according to the USDA’s latest “U.S. Export Sales” report released on Thursday.
The report showed that this week’s pork exports report is 21 percent lower than the 10-week average and 48 percent higher than the 10-week low reported on Aug. 8.
These sales were primarily for Canada (2,400 MT), Mexico (1,600 MT), the Philippines (900 MT), Japan (600 MT), and Ukraine (500 MT).
Exports of 8,100 MT were down 34 percent from the previous week and 15 percent from the prior 4-week average. The primary destinations were Mexico (2,800 MT), Hong Kong (1,500 MT), Japan (1,100 MT), Canada (1,100 MT), and the Philippines (400 MT).
On Wednesday, the CMS hog market fell victim to growing seasonal pressure, and though the cash hog and wholesale pork markets have held up remarkably well lately, the historical confluence of rising supplies and slumping post-Labor Day demand seems likely to send them sharply lower.
Overnight cash and wholesale losses continued to push CME hog futures lower. Wednesday afternoon news confirming substantial declines weighed upon the Chicago market overnight. October hog futures tumbled 0.52 cents to 85.30 cents/pound just after sunrise Thursday, while December fell 0.40 cents to 82.22.