According to the USDA’s latest “Weekly Export Sales” report, pet sales of 7,100 metric tons (MT) for 2014 were down 25 percent from last week and 44 percent from the four-week average. This report marks the third consecutive week pork net sales have steadily fallen.
Increases were reported for Japan (2,200 MT), Canada (1,700 MT), South Korea (1,200 MT), Colombia (400 MT), and Hong Kong (300 MT). Exports of 12,000 MT were primarily to Mexico (4,200 MT), South Korea (1,700 MT), Japan (1,600 MT), Canada (1,000 MT), and Hong Kong (900 MT).
Doane Advisory Services reports big cash and wholesale gains supporting the hog market. The huge CME hog rally lost its upward momentum Wednesday, with the nearby April contract suffering a significant loss. However, afternoon reports indicated strong gains at both the cash and wholesale levels yesterday, prompting the overnight rebound.
April hogs rebounded 0.47 cents to 116.40 cents/pound early Thursday morning, while June rose 0.22 to 125.55.