According to the USDA’s latest Weekly Export Sales report, pork net sales of 8,600 metric tons (MT) for 2014 were up noticeably from the previous week and 15 percent from the four-week average.
Increases were reported for South Korea (2,300 MT), Canada (1,800 MT), Japan (1,500 MT), Mexico (1,100 MT), and the Philippines (500 MT). Exports of 9,500 MT were primarily to Mexico (3,500 MT), Japan (1,500 MT), Canada (1,000 MT), South Korea (800 MT), and the Philippines (600 MT).
Doane Advisory Services stated that late-afternoon country market reports were not kind on Wednesday afternoon. Midday Wednesday reports indicated a big surge in pork values, which powered a strong bounce in CME hog values. However, the definitive late-afternoon reports had both pork and cash hog prices substantially lower, thereby implying continued weakness. Actually, the modest size of overnight losses may encourage the bull market.
June hog futures slid 0.10 cents to 123.67 cents/pound early Thursday morning, while December sank 0.12 to 88.37.