After staying steady for the better part of the last month, the USDA reported a 46 percent drop in pork net sales in their weekly “U.S. Export and Sales” report.
According to the report, pork net sales of 5,300 metric tons (MT) for 2013 were reported for South Korea (1,300 MT), Japan (1,200 MT), Mexico (800 MT), Canada (800 MT), and the United Kingdom (200 MT).
Exports of 12,700 MT were primarily to Mexico (4,700 MT), South Korea (1,900 MT), Japan (1,700 MT), Hong Kong (1,300 MT), and Canada (1,100 MT).
Doane reports that Wednesday’s late cash gains boosted hog futures Thursday morning, though cash market losses late last week and earlier this week weighed heavily on CME futures. However, cash quotes west of the Mississippi River posted surprising gains Wednesday afternoon, which probably powered modest overnight gains.
February hog futures bounced 0.25 cents to 88.02 cents/pound in pre-dawn Thursday action, while June rose 0.25 to 99.85.