Traders are really pushing the lean hog complex lower ahead of the afternoon's Quarterly Hogs and Pigs report as pre-report nervousness runs rampant throughout the hog complex. Some early sales are currently being reported in the South at $185 live which is $2.00 higher than last week's weighted average. December corn is down 3/4 cent per bushel and December soybean meal is down $1.00. The Dow Jones Industrial Average is up 239.72 points.
Thursday's export report stated that beef net sales of 10,100 mt for 2024 were down 35% from the previous week and 34% from the prior 4-week average. The three largest buyers were China (2,100 mt), Japan (1,700 mt) and Mexico (1,600 mt). Pork net sales of 28,000 mt for 2024 were down 3% from the previous week and 8% from the prior 4-week average. The three largest buyers were Mexico (13,000 mt), Canada (3,300 mt) and China (2,700 mt).
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