Hog futures collapsed this week as markets grew increasingly worried about U.S. exports of pork.
The market rallied into the new year on the expectation of the trade deal with China but have been disappointed with a lack of immediate sales. Analysts had been concerned about China’s ability to meet its import obligations under the deal, and the coronavirus outbreak has exacerbated worries about future Chinese demand.
As a result, hogs lost over ten cents per pound, a loss of 15%, with the February contract trading Friday near a one-year low at 58 cents per pound.