COVID-19 pandemic continues to inflict heavy toll on US hog and feed industries

Pork producers, like most other agricultural sectors, are trying to figure out how to stay afloat, financially, during this most difficult period - holding out hope that world economies will begin to ramp up activity as soon as next week.
calendar icon 20 April 2020
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US pork export sales a bright spot in battered industry

US weekly pork net sales of 45,700 metric tons (MT) reported for 2020 were down 18 percent from the previous week, but up 9 percent from the prior 4-week average. Increases were primarily for China (16,400 MT), Mexico (13,000 MT), South Korea (4,500 MT), Japan (4,300 MT), and Canada (3,000 MT). Exports of 36,600 MT were down 4 percent from the previous week and 14 percent from the prior 4-week average. The destinations were primarily to China (18,400 MT), Mexico (4,900 MT), Japan (4,500 MT), South Korea (2,800 MT), and Canada (1,700 MT).

Lean hog prices in the US in steep downtrend and bears have strong technical advantage.
Prices in steep downtrend and bears have strong technical advantage.

Recent price downdraft suggests market will soon put in a bottom. © Jim Wyckoff

US corn bears have solid technical advantage amid no signs of a market bottom
Corn bears have solid technical advantage amid no signs of a market bottom

Next downside target is support at $3.01. © Jim Wyckoff

Soybean meal prices in steep downdraft
Prices in steep downdraft.

More gains in near term would suggest market bottom is in place. © Jim Wyckoff

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