United States: Lean hog bulls working on a price rebound

December lean hog futures have made a decent rebound from the October low, to suggest a near-term market bottom is in place. However, the bulls have more work to do in the near term to suggest a price uptrend can be sustained on the daily bar chart. Traders Wednesday widened the discount December futures hold to the CME lean hog index, which is down another 19 cents to $76.94 as of Oct. 31. Hog market bulls need to step up and show more power soon to keep the price recovery alive. Pork: Net US sales of 31,100 MT for 2023 were up 10 percent from the previous week and 1 percent from the prior 4-week average. Increases primarily for Mexico (9,700 MT, including decreases of 200 MT), South Korea (7,300 MT, including decreases of 200 MT), Japan (2,900 MT, including decreases of 200 MT), Colombia (2,500 MT), and Australia (1,700 MT), were offset by reductions for Nicaragua (400 MT). Net sales of 500 MT for 2024 were primarily for South Korea. Exports of 28,800 MT were up 4 percent from ...