According to the USDA’s latest Weekly Export Sales report, pork net sales for 2014 slid 27 percent lower from last week to 9,500 MT. This is also 21 percent below the four-week average.
Increases were reported for Mexico (3,800 MT), Japan (1,900 MT), South Korea (1,400 MT), Canada (600 MT), and China (400 MT). Exports of 10,800 MT were primarily to Mexico (3,900 MT), South Korea (1,600 MT), Japan (1,200 MT), Canada (900 MT), and Hong Kong (700 MT).
Doane Advisory Report shows hog futures bouncing from Wednesday’s late lows. Hog traders believe the current supply/demand situation remains extremely tight and that cash and wholesale prices will continue rocketing upward during the days and weeks just ahead.
However, the cash markets showed signs of weakness Wednesday, so bulls’ ability to sustain large CME premiums is coming into question. Still, prices did rebound overnight. April hogs jumped 1.05 cents to 111.77 cents/pound as Thursday dawned over Chicago, while June advanced 0.85 to 111.60.