November 6, 2020
This weekâ€™s hog market brought an accumulated slaughter after the first four days that was the strongest opening for any week since the big kills back in March, according to Dave Bauer, senior market analyst with Provimi.
If this average is added to this Saturday's estimate of 272,000 head, this week's killed could land at 2.73 million head, 1.5% over last week and 1% over last year. In recent months, this week would be second only to the 2.73 million head over four weeks ago.
Bauer noted that if this kill holds up for the week, chain speed would now be just 1.5% below the stated weekly capacity of 2.767 million head. This is a great milestone for the packer and the efforts of management and the labor force should be applauded.
Net new pork sales this week were up 46% over last week and up 18% versus the four-week average. Mexico, once again led with 35% of the total followed by China at 24.5%. New 2021 sales of 800 metric tons suggest that maybe last week 7,000 metric ton sale may have been a blip on the map, but hopefully we can see bigger 2021 sales start to be commonplace, said Bauer.
Whatâ€™s ahead for producer profit margins? What influence might the grain market be? Is $9.50 corn ahead? Bauer explains.
These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this weekâ€™s recap or want to discuss something not covered, feel free to ASK DAVE at [email protected]. Plan today for tomorrowâ€™s success.
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