“China clearly has the need to import significantly more U.S. pork than last year,” The Hightower Report said. “The U.S. clearly has the supply with record production in recent weeks,” they added, noting that active exports from the U.S. to China will help pork cut-out values and cash prices.

Meanwhile, in China, the national average sport pig prices are up 1.5% this week and 7.5% up for the month, The Hightower Report said. Overall, from a year ago, prices are up 189.6%, they said, which should help support the markets.