In this episode, Dave Bauer, market analyst with Provimi, takes a deep dive into the U.S. Department of Agriculture’s WASDE report that showed total new crop ending stocks at 3.3 billion bushels. In terms of pork supply, USDA has added 1.2% to pork production and increased per capita pork consumption by 1.4% for the year. USDA also released export sales, putting total pork sales at 17,200 metric tons, down 100 metric tons from last week and up 60% versus the average of the past four weeks.
Bauer also talks about who is doing what buying and notes how there’s been a lot of rhetoric about China reducing U.S. commodity purchases, but yet their actions aren’t really proving that to be the case. Recovery from the impacts of COVID-19 seem to be happening quicker than expected, and that’s a good thing for the hog sector.
What’s head for the market? Take a listen to find out.
These are uncertain times and it will pay dividends to be well-prepared. If you have questions on this week’s recap or want to discuss something not covered, feel free to ASK DAVE at David_Bauer@cargill.com. Plan today for tomorrow’s success.