Weekly pork export sales were huge, astonishingly huge. Weekly pork sales were reported at 90,700 MT and China took 77,700 of the sale. South Korea, Chile, Japan and Canada rounded out the sales. Mexico, our largest buyer was not even involved. Anyone that had any questions about the situation in China should take note. I calculate the Chinese portion of exports the equivalent of about 1.1 million pigs. Thats about 45% of last week production. Shipments were also large at 27,500 MT, up 3% from the 4-week average. Mexico took the largest amount of pork in the shipments (paying the tariff). China took 4,000 MT and thus paid the 62% tariff as well. Nothing else really matters today. Volume on the strong close yesterday was good at 70,500 and open interest surged upward by nearly 4,600 cars. A large jump in open interest was noted in the Oct hogs. Futures, with the exception of the April, should open and remain sharply higher today.
Still long several hogs!