Cut right to the chase today. Weekly pork export sales were very large, again, at 20,900 MT, up 7% from the 4-week average. Mexico was the largest buyer taking 7,200 MT which explains what weve been seeing in the ham market, Japan took 4,600 MT and guess what, China was in for 3,300 MT of U.S. pork last week. This alone should put a positive spin on futures today. Cash was higher and not lower yesterday which should also support the Dec hogs in particular. Theres nothing fancy to report in the volume and open interest from yesterday. Look for a rally today.
Dennis was right, the rally is happening! DH, I hope you have plenty of summer hogs, I have so many if I told you, you would call me Nuts not a trader!!