February 14, 2014
US pork net sales up 92%
From last week, US pork net sales of 12,600 tonnes for 2014 were up 92% and 27% from the four-week average, according to the USDA's latest "US Export Sales" report.
Increases were reported for Mexico (6,800 tonnes), Japan (2,700 tonnes), South Korea (800 tonnes), Canada (800 tonnes), and Colombia (500 tonnes). Exports of 11,000 tonnes were primarily to Mexico (4,400 tonnes), South Korea (1,500 tonnes), Japan (1,200 tonnes), Canada (1,100 tonnes), and Hong Kong (800 tonnes).
On Wednesday (Feb 12), wholesale pork prices rose strongly, encouraging Chicago Mercantile Exchange (CME) hog traders. However, the late cash quotes rose only slightly, thereby discouraging bulls. Overnight the expiring February future dipped while deferred contracts rose modestly. April hogs gained US$0.15 to US$0.9452/pound.