After soaring last week, pork net sales returned to levels seen for the majority of the month. According to the USDA Weekly Export Sales report, pork net sales of 9,100 MT for 2014 were down 22 percent from the previous week and 7 percent from the prior four-week average.
Increases were reported for Mexico (4,600 MT), Canada (900 MT), Japan (800 MT), South Korea (800 MT), and Colombia (500 MT).
Exports of 10,100 MT were down 3 percent from the previous and unchanged from the prior 4-week average. The primary destinations were Mexico (3,600 MT), Japan (1,600 MT), South Korea (1,500 MT), Canada (1,000 MT), and Australia (700 MT).
Doane Advisory Service reports divergent action in CME hogs caused by mixed spot news. Hog futures fluctuated widely Thursday but closed weakly. Big pork losses weighed on the complex and kept nearby June futures under pressure overnight into Friday; however, news of cash hog strength encouraged bulls in the deferred contracts.
June hog futures lost 0.50 cents lower at 113.80 cents/pound in early Friday trading, while December bounced 0.12 to 94.77.