US hog prices are higher than last year
Despite the fact that pig prices are usually dropping during winter holidays, US market shows a different trend compared with other years. "Appears to us that US Pork Exports to China, Japan and South Korea have all increased since Germany was banned from exporting to these countries due to ASF. Our Farmers Arithmetic has a gain of 5,000-10,000 tonnes a week in the three countries since the end of September. This is about 100,000 – 200,000 head a week. Probably the major reason the US hog price is higher than last year and significantly higher than lean hog futures indicated in August. This boost in exports should continue into 2021," says Jim Long, CEO and President of Genesus Inc.
Producers are also confident about the market condition as prices for all categories in the US swine market have improved. "This past week as an indicator of supply-demand we heard of a sow producer rejecting cash $60 early wean bids as not high enough. 5 months ago they were $5", added Mr Long.
According to data released by USDA, October pork exports were up 8% year-over-year to 242,536 tonnes, with value also increasing 8% to $641.1 million. Exports accounted for 26% of total pork production in October, with China/Hong Kong remaining this year’s leading destination for US pork exports.
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