In their latest “U.S. Export Sales” report, the USDA reported pork net sales of 16,000 metric tons (MT) for 2014, up 26 percent from last week and 50 percent higher than the four-week average. This marks the second report to show steadily climbing sales. It is also 5,000 MT below the yearly high set in early January.
Increases were reported for Japan (5,800 MT), Mexico (3,900 MT), Australia (2,100 MT), Canada (1,900 MT), and the Philippines (600 MT). Exports of 13,000 MT--a marketing-year high--were primarily to Mexico (5,100 MT), South Korea (2,300 MT), Japan (1,400 MT), Canada (1,100 MT), and Australia (700 MT).
According to Doane Advisory Services, big cash and wholesale gains boosted nearby hog futures on Friday morning. Bullish hog traders have been anticipating strong increases in hog and pork prices for weeks and are finally saw those late this week. Cash values, as well as pork cutout, jumped Thursday, thereby causing traders to look for more of the same. April hogs surged 0.47 cents to 98.30 cents/pound in overnight action, while June moved up 0.07 at 107.85.