According to the USDA’s latest Weekly Export Sales report, pork net sales of 4,200 metric tons (MT) for 2014, a 69 percent drop to a marketing-year low. This is also four-week average.
Increases were reported for Canada (1,000 MT), Honduras (600 MT), Japan (600 MT), Mexico (600 MT), and China (500 MT). Exports of 9,100 MT were primarily to Mexico (3,300 MT), Japan (1,500 MT), Hong Kong (1,100 MT), South Korea (1,000 MT), and Canada (700 MT).
Doane Advisory Services reports fog futures are feeling renewed pressure on Thursday. Cash prices firmed on Wednesday, which apparently sparked the concurrent CME rebound. However, pork price fell dramatically yesterday afternoon, thereby depressing deferred futures.
June hog futures sank 0.30 cents to 121.45 cents/pound in early Thursday action, and December tumbled 1.17 to 88.37.