Transcript
Hog futures are trading lower in all months as traders seem discouraged by the day's export sales report. Pork net sales for 2024 were up 32% from the previous week, but down 25% from the prior 4-week average. The three largest buyers were Mexico, Japan, and South Korea. Early this year export sales were at times twice that much, which is partly why traders have grown accustomed to seeing bigger sales. Also pressuring the futures is the Cold Storage report that showed total pork supplies up 1%, and pork bellies up 18%.
Cash hog prices on the National morning report are lower, the morning cutout value is higher.
The Canadian Dollar is trading higher against the US dollar at midday.
For the week ending Apr 26, the Western Hog Exchange OlyWest 20 weekly price is $2.26/kg dressed, the OlyWest 21 weekly price is $2.37/kg dressed, and the BP4 price is $2.22/kg dressed. This is Kerrie Simpson reporting from the Western Hog Exchange