In this file:
· Hog futures hit highest since August 2019
· Pig outlook: lean hog futures bulls power prices to 8-month high
Hog futures hit highest since August 2019
By Mark Weinraub, Reuters
via Successful Farming/Agriculture.com - 10/8/2020
CHICAGO, Oct 8 (Reuters) - U.S. hog futures rose to their highest in more than a year on Thursday, as consumer demand for pork remained robust even as the weather turned cooler.
The front-month hog contract has risen for seven days in a row.
“The domestic demand is just on fire,” said Don Roose, analyst with U.S. Commodities in West Des Moines, Iowa. “The U.S. markets are finally catching up with the world market.”
The U.S. Agriculture Department said that weekly pork export sales totaled 40,800 tonnes, up from 38,100 tonnes a week earlier.
The U.S. pork cutout, an indication of wholesale pork prices, was reported at $95.36 per cwt on Thursday afternoon, up 18˘ from Wednesday afternoon, according to the U.S. Department of Agriculture.
Chicago Mercantile Exchange October lean hogs advanced...
Pig outlook: lean hog futures bulls power prices to 8-month high
Jim Wyckoff gives his analysis of the global hog market.
by Jim Wyckoff, The Pig Site
9 October 2020
The pig traders’ perspective
The lean hog futures charts remain bullish as prices have been trending up since late July and on Thursday 8 October surged to a more-than-eight-month high. Charts suggest the path of least resistance for lean hog futures will remain sideways to higher into the end of the year. Strong export and domestic demand for US pork are keeping prices supported despite higher hog slaughter levels and heavier weights than last year at this time.
Rising feed prices, as evidenced by strong rallies on corn and soybean meal futures, are likely to somewhat cut into pork producers’ profits in the coming weeks. October is US “National Pork Month,” which suggests retailers will be featuring pork more than normal in the next couple weeks.
The next week’s likely high-low price trading ranges
December lean hog futures--$65.00 to $70.00, and with an upside bias
December soybean meal futures--$355.00 to $380.00, and with a sideways-higher bias
December corn futures--$3.80 to $4.00, and a sideways-higher bias
Latest US Department of Agriculture (USDA) reports, and other news
Strong US pork exports sales in latest reporting week, led by China
The USDA on Thursday morning reported net US pork sales of 60,200 metric tonnes (MT) for 2020--a marketing-year high--were up 52 percent from the previous week and from the prior 4-week average. Increases were primarily for China (29,000 MT, including decreases of 1,200 MT), Mexico (16,400 MT, including decreases of 500 MT), Canada (4,500 MT, including decreases of 400 MT), Japan (2,400 MT, including decreases of 200 MT), and South Korea (2,000 MT, including decreases of 100 MT). For 2021, net sales of 500 MT were primarily for Canada (300 MT) and Australia (100 MT).
Exports of 36,800 MT were up 13 percent from the previous week and from the prior 4-week average. The destinations were primarily to Mexico (11,200 MT), China (10,600 MT), Japan (4,300 MT), Canada (2,500 MT), and South Korea (2,200 MT).
US pork exports decline in August ...
USDA weekly pork report—loins featured ...
World food prices continue to rise ...
German meatpacking plant forced to close amid COVID-19 outbreak ...
Spain livestock update from USDA ...
more, including links