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            august 26, 2019

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US pork exports to China hit record high


Chinese buyers have greatly increased purchases of pork from the US in recent weeks to replace domestic supply due to the increased precautions taken to prevent the spread of African swine fever, US Department of Agriculture (USDA) statistics show, reports the Wall Street Journal.
Pork prices have risen in reaction to the disease's devastation. June's lean hog contract on the CME (Chicago Mercantile Exchange & Chicago Board of Trade) is trading at over 95 cents per pound, which is 15 per cent higher since the start of the year.
In China, officials warn that prices could surge more than 70 per cent this year. The Chinese have purchased 101,200 tons of pork over two weeks, with 77,700 tons purchased last week, a record since the USDA started reporting pork exports in 2013. The previous week-high was in July of 2014, when China purchased 31,200 tons.
"The news confirms that the disease is as bad, if not worse, than we expected," said independent trader Dan Norcini. "Keep in mind that this pork supposedly is subject to tariffs and yet they are still buying and are now beginning to take delivery of it."

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