Hog futures appear to be making a rebound. AgDay’s Clinton Griffiths reported that's after USDA announced U.S. pork export sales jumped 36% the last week of August to the highest total since last November.
Exporters sold 53,600 metric tons of pork, including more than 28,000 to China, he said.
“Domestic retailer demand for pork remains strong and that's helping keep the rising supply of pork moving through the supply chain,” Griffiths said.
Market analysts says lower average weights than a year ago have added to perceptions that the backlog of animals continues to decline amid large Saturday slaughter levels.
U.S. pork exports’ record pace continues to accelerate and add value to pork producers’ bottom line, despite intense global competition, supply chain disruptions and other market challenges.
According to the U.S. Meat Export Federation, pork exports remained 20% ahead of last year's record pace in volume (1.78 million metric tons) and 22% higher in value ($4.6 billion) from January to July.
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