Farm animals analyst Jim Wyckoff stocks pig information from world wide
17 november 2023
3 minute learn
February lean hog futures bulls are fading overdue this week and want to display recent energy quickly to stay alive a value uptrend at the day by day bar chart. The hog marketplace bulls indicate that there’s a bullish symmetrical triangle development that has shaped at the day by day bar chart for February futures. Period in-between, the newest CME lean hog index is down 7 cents to $76.06 (as of Nov. 14). Whilst the money index hasn’t confronted heavy force lately, it has struggled to transport above the low-$76.00 vary. Hog marketplace bulls too can argue that futures and money costs have now not carried out all that badly, given the new steep worth declines within the farm animals and red meat markets.
Hong Kong to cull 5,600 pigs on an area hog farm after the invention of African Swine Fever (ASF)
The government plan to wash and disinfect the affected farm, and they’re going to carefully observe different native hog farms to stop the unfold of the illness. The Hong Kong Agriculture, Fisheries and Conservation Division has reassured shoppers that there’s no want for fear in regards to the outbreak, as it’ll now not affect reside hog provides or the functioning of native slaughterhouses. This motion is being taken to comprise the unfold of ASF and safeguard the native red meat trade.
Weekly USDA US red meat export gross sales
Red meat: US web gross sales of 24,300 MT for 2023 have been down 51 p.c from the former week and 30 p.c from the prior 4-week moderate. Will increase have been essentially for Mexico (8,500 MT, together with decreases of 300 MT), Japan (5,400 MT, together with decreases of 400 MT), South Korea (2,100 MT, together with decreases of one,200 MT), Colombia (1,700 MT, together with decreases of 300 MT), and Honduras (1,400 MT). Internet gross sales of 400 MT for 2024 have been reported for South Korea (300 MT) and Colombia (100 MT). Exports of 30,900 MT have been down 13 p.c from the former week, however up 5 p.c from the prior 4-week moderate. The locations have been essentially to Mexico (10,500 MT), Japan (4,300 MT), South Korea (3,900 MT), China (3,200 MT), and Colombia (2,400 MT).
Tyson meals experiences gross sales decline in This fall 2023
Tyson Meals Inc. reported a decline in gross sales for the fourth quarter and financial 12 months 2023, with decrease hen and red meat costs and decreased call for for red meat. The corporate’s working source of revenue loss in This fall reduced via 160% to $463 million, whilst gross sales for the quarter dropped via 2.9% to $13.35 billion. Tyson’s red meat section working source of revenue additionally declined, with a $323 million loss in This fall, in spite of a ten.2% build up in moderate red meat costs. The corporate anticipates an adjusted working source of revenue loss between $400 million and breakeven for fiscal 2024 within the red meat section.
US per thirty days red meat exports
US red meat exports totaled 512.0 million lbs. in September, down 14.7 million lbs. (2.8%) from August and four.1 million lbs. (0.8%) not up to year-ago. All over the primary 9 months of the 12 months, america shipped 4.994 billion lbs. of red meat, up 331.0 million lbs. (7.1%) from the similar length final 12 months.
The following week’s most probably high-low worth buying and selling levels:
February lean hog futures–$72.00 to $78.00 and with a sideways-higher bias
March soybean meal futures–$415.00 to $450.00, and with a sideways-higher bias
March corn futures–$4.70 to $5.00 and a sideways bias
Newest analytical day by day charts lean hog, soybean meal and corn futures
