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China's 2023 pork output rose 5% year on year to 57.94 million tonnes on higher slaughter and culling. The agriculture ministry cut the national sow target to 39 million from 41 million, and sow numbers are reported down 5-7% year on year.
USDA expects the total Chinese pig population to fall 6% in 2024.
A contracting pig herd would tighten Chinese meat supply and eventually reduce feed demand, though liveweight prices are still below production costs.
ahdb.org.ukMar 6, 2024After 100 past bullish report events, Lean Hogs moved a median -0.2% over 5 sessions (49% higher; middle half -1.9% to +2.0%), and -0.4% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
