In the USDA’s latest “U.S. Export Sales” report, pork net sales surged to 18,600 metric tons (MT) for 2013. This is a 10-week high and up 124 percent from last week’s report.
These net sales were primarily for Mexico (9,600 MT), Japan (2,700 MT), Hong Kong (2,500 MT), Canada (1,400 MT), and Chile (500 MT). Exports of 10,100 MT were primarily to Mexico (2,600 MT), Japan (1,900 MT), Hong Kong (1,500 MT), Canada (1,200 MT), and South Korea (800 MT).
On Wednesday hog futures proved unable to sustain early Wednesday gains, and the strong likelihood that cash markets have begun their traditional summer decline apparently carried the day for CME bears. Overnight pork strength boosted hog futures in early Thursday trading as the wholesale market has refused to cooperate with bears. July hog futures jumped 0.65 cents to 100.60 cents/pound as pit trading commenced Thursday, while the December contract rose 0.37 to 82.97.