According to the USDA’s latest Weekly Export Sales report, pork net sales of 8,900 metric tons (MT) for 2014 were down 27 percent from the previous week and 19 percent from the prior 4-week average. The report also marks the second consecutive week pork net sales have fallen after setting a 10-week high in the report released June 26.
Increases were reported for Mexico (3,900 MT), Japan (1,300 MT), Canada (800 MT), South Korea (700 MT), and China (500 MT).
Exports of 10,400 MT were up 22 percent from the previous week and 8 percent from the prior 4-week average. The primary destinations were Mexico (4,300 MT), Japan (1,700 MT), Canada (1,200 MT), Hong Kong (800 MT), and South Korea (400 MT).
Doane Advisory Service reports hog futures were mixed on Thursday morning. Rising supplies undermined the market, and though the cash hog and wholesale pork markets moved higher on Wednesday, traders became increasingly worried about the potential for surging supplies in the days ahead.
August hog futures were down 1.05 cents at 128.55 cents/pound and December was down 0.975 cents to 104.475 cents.