According to the USDA’s latest “Weekly Export Sales” report, pork net sales of 13,600 metric tons (MT) were up noticeably from last week and 91 percent from the four-week average. This is also the highest figure reported since mid-February, when net sales climbed to 16,000 MT.
Increases were reported for Mexico (6,700 MT), Hong Kong (2,600 MT), South Korea (1,100 MT), Japan (1,000 MT), and China (800 MT). Exports of 11,500 MT were primarily to Mexico (3,900 MT), South Korea (1,800 MT), Japan (1,300 MT), Hong Kong (1,100 MT), and Canada (700 MT).
Doane Advisory Services shows cash weakness weighing on the hog market Thursday. Although the hog and pork situation now seems extremely tight, many in the industry are not convinced prices can be sustained at current extraordinary highs. Pork prices rose again Wednesday, but country hog prices fell. The latter news apparently triggered fresh CME selling overnight.
June hog futures plunged 1.70 cents to 123.10 cents/pound as Thursday dawned over Chicago, but December gained 0.05 to 91.45.