The USDA reported in its weekly “U.S. Export Sales” report that pork net sales are up again in the second consecutive week of gains. The report showed net sales of 11,200 metric tons (MT) of pork for 2013, 53 percent higher than last week’s report.
These net sales resulted for Canada (3,100 MT), Mexico (3,000 MT), Hong Kong (2,600 MT), Japan (2,200 MT), and the Philippines (200 MT).
Exports of 8,600 MT were up 8 percent from the previous week, but down 2 percent from the prior 4-week average. The primary destinations were Mexico (3,500 MT), Japan (1,300 MT), Hong Kong (1,200 MT), Canada (1,000 MT), and South Korea (300 MT).
On Wednesday hog futures posted a bullish reversal with hog and pork prices disappointing traders. Futures declined modestly overnight, reflecting disappointing results in Wednesday’s afternoon pork reports and surprising cash market losses in the western Corn Belt. October hog futures sagged 0.22 cents to 91.50 cents/pound as trading accelerated Thursday morning, while December was steady at 87.95.