April hogs closed 132 lower on the session but managed to rally 72 points for the week. The market pushed moderately lower on the session early today as the futures gave back near half of yesterday's strong gains. While there was positive news from South Korea on potentially higher imports, traders viewed the steep premium of futures to the cash market and news that cash markets were steady to lower this morning as a negative force. December pork exports came in at 402.1 million pounds which was down slightly from November but up 11.4% from last year. Exports for December represented 19.6% of total US production. Ideas that Midwest temperatures will warm this weekend and could cause increased hog marketings for early next week was also seen as a negative force. Hog slaughter for the week came in at 2.156 million head, up just 0.2% from last week but pork production for the week was 449.3 million pounds, up 3.4% from last year.
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