November 4, 2013
US October pork sales reach 23,500 tonnes
In this week's USDA's "US Export Sales" report, pork net sales were reported at 23,500 tonnes for 2013, which was issued for the weeks ending October 10, October 17, and October 24, 2013.
When averaged out over the last three weeks, this equals roughly 8,763 tonnes per week- on par with the last report issued for September.
These sales were dominated by Mexico at 7,700 tonnes, followed by South Korea at 3,200 tonnes, Japan at 3,100 tonnes, Australia at 3,000 tonnes, and Canada with 1,900 tonnes.
Pork exports of 26,300 tonnes were primarily to Mexico (9,900 tonnes), Japan (3,700 tonnes), Canada (3,000 tonnes), Hong Kong (2,800 tonnes), and South Korea (2,000 tonnes).
On Wednesday (Oct 30), sliding wholesale prices also weighed upon hog values. These prices continued to weigh on hog values overnight and into Thursday (Oct 31) morning.
Bullish traders have to be worried about the potential for substantial seasonal losses in early November. December hog futures slumped US$0.0027 to US$0.9012/pound in early Thursday trading, while April sank US$0.0025 to US$0.9420/pound.