After tumbling over the last three consecutive weeks, the USDA’s Weekly Export Sales report showed an impressive rebound. According to the report for the period of May 9 to May 15, pork net sales of 11,600 metric tons (MT) for 2014 were up 45 percent from the previous week and 9 percent from the prior four-week average.
Increases were reported for Mexico (2,900 MT), Japan (2,000 MT), South Korea (2,000 MT), Canada (900 MT), and Australia (800 MT). Exports of 10,400 MT were up 2 percent from the previous week, but down 4 percent from the prior 4-week average. The primary destinations were Mexico (3,900 MT), Japan (2,100 MT), South Korea (1,100 MT), Canada (1,000 MT), and Hong Kong (400 MT).
Doane Advisory Service shows that Wednesday’s cash and wholesale news undercut hog futures last night. June hog futures dipped 0.57 cents to 119.35 cents/pound as Thursday dawned over Chicago, while December stabilized at 95.30.