The USDA showed in its latest “U.S. Export Sales” report pork net sales of 14,700 metric tons (MT) for 2014, up 48.5 percent than last week and 38 percent from the week before.
These sales were reported for Mexico (7,500 MT), South Korea (1,500 MT), Japan (1,400 MT), Canada (900 MT), and China (900 MT).
Pork exports of 12,600 MT were primarily to Mexico (4,700 MT), South Korea (1,800 MT), Japan (1,500 MT), Canada (1,100 MT), and Hong Kong (700 MT).
The hog and pork markets have slumped lately as the cash and wholesale markets failed to live up to bullish expectations. However, according to Doane Advisory Servies, Thursday afternoon USDA reports indicated significant improvement at both levels, which likely powered the overnight surge. On Friday, cash and wholesale strength boosted hogs. February hogs rallied 0.50 cents to 86.07 cents/pound as Friday dawned over Chicago, while June advanced 0.32 to 102.42.