In the latest “Weekly Export Sales” report, the USDA showed pork net sales of 5,200 metric tons (MT) for 2014, setting a marketing-year low. This week’s report is down 27 percent from last week and 54 percent from the four-week average. It also marks the fourth consecutive week of dropping net sales.
Increases were reported for Mexico (1,900 MT), Japan (1,100 MT), Australia (600 MT), Canada (400 MT), and Hong Kong (300 MT). Exports of 10,500 MT were primarily to Mexico (3,700 MT), South Korea (1,500 MT), Japan (1,200 MT), Canada (800 MT), and Hong Kong (800 MT).
Doane Advisory Services reports surprisingly mixed hog futures. On Wednesday, cash hog prices rose again, but pork cutout values were flat to mixed. Suspicions that the ongoing price surge is finally curtailing potential summer demand might explain why the summer contracts are losing ground to April and to deferred futures. April hogs advanced 0.55 cents to 124.70 cents/pound as Thursday dawned over Chicago, while June fell 0.60 to 131.65.