According to the USDA’s latest “U.S. Export Sales” report, pork net sales of 12,900 metric tons (MT) were down 18 percent from last week but up 18 percent from the four-week average.
Increases were reported for Mexico (7,600 MT), China (1,300 MT), South Korea (1,000 MT), Japan (700 MT), and Australia (500 MT). Decreases were reported for Hong Kong (200 MT), Chile (200 MT), Panama (100 MT), and Republic of South Africa (100 MT).
Exports of 10,700 MT were primarily to Mexico (4,500 MT), South Korea (1,800 MT), Japan (1,300 MT), Canada (900 MT), and Hong Kong (400 MT).
Doane Advisory Services reports that on Wednesday, cash hog prices surged though pork cutouts rose only slightly. Nevertheless, traders expected the upward trend to continue.
Overnight, hog futures were still building on Wednesday’s spike. April hogs leapt 1.30 cents to 102.32 cents/pound early Thursday morning, while June added 0.77 to 109.12.