The USDA has recently reported a true rollercoaster ride for pork net sales, and this week’s Export Sales report was no different.
In the report, the USDA showed that pork net sales of 8,500 metric tons (MT) for 2014 were down 35 percent from the previous week and 19 percent from the prior 4-week average. See the chart below for a closer look at the ups and down shown in pork net sales since early May.
Increases were reported for Canada (3,500 MT), Japan (2,000 MT), Mexico (1,800 MT), South Korea (300 MT), and the Philippines (200 MT).
Exports of 10,400 MT were up 12 percent from the previous and 4 percent from the prior 4-week average. The primary destinations were Mexico (4,000 MT), Japan (1,800 MT), Canada (1,100 MT), South Korea (1,100 MT), and Hong Kong (900 MT).
Doane Advisory Service shows late afternoon reports on Wednesday implied cash strength, and pork quotes fell significantly. Overnight into Thursday, future markets experienced a setback, likely related to Wednesday’s events. August hog futures sank 0.55 cents to 129.40 cents/pound in early Thursday action, while December edged up 0.02 cents to 96.27.