According to the recent data U.S. livestock data, exports of pork rose to a record high for each month in November, driven by a fatal pig disease that fuel a meat shortage in China. The shipments fuelled hopes of bigger sales to China, though on Wednesday US hog futures plummeted. Following an outbreak of African swine fever, China, the world's largest consumer of pork, needs to increase imports after its hog herd shrunk by about half. Chinese pork prices were pushed by the losses to record highs and roiled global meat markets. China's imports from Europe and Brazil have also increased.
On Friday, traders will review U.S. export sales data on a weekly basis, one day later than usual due to a Washington winter storm. According to the U.S. Data from the Agriculture Department., total exports of pork reached 259,814 tons in November, up 26 percent from a year earlier and 11 percent above the previous high set in July 2019. China's sales rose from a year ago to 78,776 tons, about 35 percent of which were frozen. A so-called Phase 1 trade agreement with Beijing would be signed on January 15, U.S. President Donald Trump said.