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Chinese regulators met with major pig-producing provinces and firms to push further cuts to live pig production capacity after pig prices fell to a 10-year low in April. The average price of three external breeds rebounded to CNY9.60/kg but remains down 34% year on year.
Official capacity cuts signal lower future hog numbers and reduced feed demand over time, which is bearish for corn and meal demand in China, though the policy supports eventual hog price recovery.
yicaiglobal.comWei ZhongyuanJun 24, 2026After 34 past bearish policy events, Lean Hogs moved a median -0.3% over 5 sessions (41% higher; middle half -1.6% to +1.3%), and -1.8% over 20.
After 310 past bearish policy events, Corn moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 223 past bearish policy events, Soybean Meal moved a median -0.3% over 5 sessions (45% higher; middle half -2.2% to +1.2%), and -0.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
