May 17, 2013
US pork exports decline by 25% after a rebound
US reported pork net sales of 7,200 tonnes for 2013, a decrease of 25% from last week's report of 9,600 tonnes.
This is according to USDA's weekly US Export Sales report.
Primary destinations for US pork included Japan (1,900 tonnes), Canada (1,700 tonnes), Mexico (900 tonnes), South Korea (700 tonnes), and Hong Kong (600 tonnes). Exports of 10,000 tonnes were primarily to Mexico (3,900 tonnes), Canada (1,500 tonnes), South Korea (1,100 tonnes) and Japan (1,100 tonnes).
The Wednesday (May 8) afternoon cattle reversal spilled over into the swine pit, with hog futures giving back a significant portion of their big Tuesday (May 7) advance. In contrast, pork cut-out rose strongly Wednesday afternoon, which probably accounts for the general advance experienced in overnight action. June hog futures rallied US$0.32 to US$0.92/pound as the sun rose over Chicago Thursday (May 9), while December futures added US$0.40 to US$0.775.
