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Chinese industry officials say the country's pig herd will stay in surplus this year even after Beijing cut its normal breeding sow retention target to 39 million from 41 million. Companies are selling farms and stakes but are reluctant to destock, and the pace of capacity reduction is expected to be slow.
A persistent herd surplus keeps Chinese hog prices depressed, which weighs on domestic demand for feed ingredients such as soymeal and corn.
porkbusiness.comReutersMar 28, 2024After 34 past bearish policy events, HOGS moved a median -0.3% over 5 sessions (41% higher; middle half -1.6% to +1.3%), and -1.8% over 20.
After 223 past bearish policy events, SBM moved a median -0.3% over 5 sessions (45% higher; middle half -2.2% to +1.2%), and -0.6% 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.
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.
